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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We consider a two-sector economy with positive capital externalities and constant social returns. We first show that local indeterminacy does not require externaleffects from labor but is fundamentaly based on externalities derived from capital in the investment good sector. Second, we show that the external effects in the investment good sector has to be characterized by a low enough amount of capital stock from theconsumption good sector. In other words, the existence of multiple equilibria is ruled out if the externalities are too intersectoral.
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Paper provided by HAL in its series Working Papers with number
halshs-00410761_v1.
Length: Date of creation: 2006 Date of revision: Handle: RePEc:hal:wpaper:halshs-00410761_v1
Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00410761/en/ Contact details of provider: Web page: http://hal.archives-ouvertes.fr/
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