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Global Externalities, Endogenous Growth and Sunspot fluctuations

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Author Info
Kazuo Nishimura () (Kyoto University - Kyoto University)
Harutaka Takahashi (Meiji Gakuin University - Meiji Gakuin 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

We consider a two-sector economy with Cobb-Douglas technologies,labor-augmenting global external effects and increasing social returns. We prove the existence of a normalized balanced growth path and we give conditions for the occurrence of sunspot fluctuations that are compatible with both types of capital intensity configuration at the private level provided the elasticity of intertemporal substitution in consumption admits intermediary values. We finally show that the existence of period-two cycles requires the consumption good to be physical capital intensive at the private level.

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Paper provided by HAL in its series Working Papers with number halshs-00282091_v1.

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Date of creation: 26 May 2008
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Handle: RePEc:hal:wpaper:halshs-00282091_v1

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00282091/en/
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Related research
Keywords: Global externalities; increasing returns; endogenous growth; intertemporal substitution in consumption; indeterminacy; sunspot fluctuations; period-two cycles;

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