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Equilibrium Cycles in a Two-Sector Economy with 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 the two-sector CES economy with sector-specific externality (feedback effects) following Nishimura and Venditti \(2004). We characterize the equilibrium paths in the case that allows negative externality. That equilibrium paths were not explicitly discussed by Nishimura and Venditti and show how the degree of externality may generate equilibrium cycles around the steady state.

Suggested Citation

  • Miki Matsuo & Kazuo Nishimura & Tomoya Sakagami & Alain Venditti, 2008. "Equilibrium Cycles in a Two-Sector Economy with Sector Specific Externality," Working Papers halshs-00282089, HAL.
    • Handle: RePEc:hal:wpaper:halshs-00282089
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00282089
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