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Equilibrium Cycles in a Two-Sector Economy with 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 - CNRS : UMR6579)

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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.

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Publisher Info
Paper provided by HAL in its series Working Papers with number halshs-00282089_v1.

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Date of creation: 26 May 2008
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Handle: RePEc:hal:wpaper:halshs-00282089_v1

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00282089/en/
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Related research
Keywords: Two-sector economy; sector-specific externalities; indeterminacy; period-two cycles; capital-labor substitution;

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This page was last updated on 2009-12-19.

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