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

Author

Listed:
  • Miki Matsuo

    (Kyoto University)

  • Kazuo Nishimura

    (Kyoto University)

  • Tomoya Sakagami

    (Kumamoto Gakuen University - Gakuen University)

  • Alain Venditti

    (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique)

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.

Suggested Citation

  • Miki Matsuo & Kazuo Nishimura & Tomoya Sakagami & Alain Venditti, 2008. "Characterization of Equilibrium Paths in a Two-Sector Economy with CES Production Functions and Sector-Specific Externality," Working Papers halshs-00281642, HAL.
    • Handle: RePEc:hal:wpaper:halshs-00281642
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00281642
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