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Indeterminacy in the free-trade world

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Author Info
Junko Doi (Kansai University/ Kyoto Sangyo University)
Kazumichi Iwasa (GSE, Kobe University)
Koji Shimomura (Research Institute for Economics and Business Administration, Kobe University)
Abstract

We show that indeterminacy arises nadiscrete-time competitive two-country dynamic model of international trade in which externalities, imperfect competition, public goods, and government intervention are assumed away. The present model is a standard dynamic trade model in the sense that there is neither an international credit market nor international factor mobility, and these intrinsic features are a source of indeterminacy. Indeterminacy is implied by the condition for the existence of a steady state.

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File URL: http://www.rieb.kobe-u.ac.jp/academic/ra/dp/English/dp187.pdf
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File Function: First version, 2006
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Publisher Info
Paper provided by Research Institute for Economics & Business Administration, Kobe University in its series Discussion Paper Series with number 187.

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Length: 24 pages
Date of creation: May 2006
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Handle: RePEc:kob:dpaper:187

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  1. Zhiqi Chen, 1992. "Long-Run Equilibria in a Dynamic Heckscher-Ohlin Model," Canadian Journal of Economics, Canadian Economics Association, vol. 25(4), pages 923-43, November. [Downloadable!] (restricted)
  2. Kazuo Mino & Kazuo Nishimura & Koji Shimomura & Ping Wang, 2005. "Equilibrium Dynamics in Discrete-Time Endogenous Growth Models with Social Constant Returns," Discussion Papers in Economics and Business 05-34, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP). [Downloadable!]
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  3. Benhabib, Jess & Farmer, Roger E.A., 1996. "Indeterminacy and Sector-Specific Externalities," Working Papers 96-12, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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  4. Benhabib, Jess & Farmer, Roger E.A., 1999. "Indeterminacy and sunspots in macroeconomics," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 6, pages 387-448 Elsevier. [Downloadable!] (restricted)
  5. Kazuo Nishimura & Koji Shimomura & Ping Wang, 2005. "Production externalities and local dynamics in discrete-time multi-sector growth models with general production technologies," International Journal of Economic Theory, The International Society for Economic Theory, vol. 1(4), pages 299-312. [Downloadable!] (restricted)
  6. Benhabib, Jess & Nishimura, Kazuo, 1998. "Indeterminacy and Sunspots with Constant Returns," Journal of Economic Theory, Elsevier, vol. 81(1), pages 58-96, July. [Downloadable!] (restricted)
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  7. Mino, Kazuo, 2001. "Indeterminacy and Endogenous Growth with Social Constant Returns," Journal of Economic Theory, Elsevier, vol. 97(1), pages 203-222, March. [Downloadable!] (restricted)
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