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Characterization of Equilibrium Paths in a Two-Sector Economy with CES Production Functions and Sector-Specific Externality

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Author Info

  • Miki Matsuo

    (Kyoto University - Kyoto University)

  • Kazuo Nishimura

    ()
    (Kyoto University - Kyoto University)

  • Tomoya Sakagami

    (Kumamoto Gakuen University - Gakuen University)

  • Alain Venditti

    ()
    (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - Université de la Méditerranée - Aix-Marseille II - Université Paul Cézanne - Aix-Marseille III - Ecole des Hautes Etudes en Sciences Sociales (EHESS) - CNRS : UMR6579)

Abstract

In this paper, we study a two-sector CES economy with sector-specific externality as described by Nishimura and Venditti (2004). We characterize the equilibrium paths in the case that allows negative externality as that equlibrium paths were not explicitly discussed by Nishimura and Venditti. We show how the degree of externality affects the local behavior of the equilibrium path around the steady state.

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Bibliographic Info

Paper provided by HAL in its series Working Papers with number halshs-00281642.

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Date of creation: 23 May 2008
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Handle: RePEc:hal:wpaper:halshs-00281642

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00281642/en/
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Related research

Keywords: Two-sector economy; sector-specific externalities; indeterminacy; capital-labor substitution;

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