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Indeterminacy in discrete-time infinite-horizon models

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Author Info

  • Kazuo Nishimura

    (Kyoto University - Kyoto 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 (EHESS) - CNRS : UMR6579)

Abstract

We present a survey of the main conditions for the occurrence of indeterminacy in discrete-time infinite-horizon models with technological external effects.One-sector models are characterized by global external effects coupled with increasing social returns. We will show that indeterminacy of equilibria is fundamentally based on the consideration of endogenous labor demand and externalities coming both from capital and labor. Most of the two-sector models are characterized by constant returns to scale at the social level. We will show that depending on whether external effects aresector-specific or intersectoral, some simple but different conditions on capital intensity differences across sectors generate indeterminate equilibria.

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Bibliographic Info

Paper provided by HAL in its series Working Papers with number halshs-00410763.

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Date of creation: 2006
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Handle: RePEc:hal:wpaper:halshs-00410763

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00410763/en/
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Related research

Keywords: Two-sector models; externalities; depreciation of capital; CES technologies; indeterminacy.;

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Cited by:
  1. Cuong Le Van & Cagri Saglam & Selman Erol, 2011. "Existence, Optimality and Dynamics of Equilibria with Endogenous Time Preference," Working Papers 04, Development and Policies Research Center (DEPOCEN), Vietnam.
  2. Drugeon, Jean-Pierre, 2008. "On intersectoral asymmetries in factors substitutability, "Equilibrium Production Possibility Frontiers" and the emergence of indeterminacies," Journal of Mathematical Economics, Elsevier, vol. 44(3-4), pages 277-315, February.

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