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Indeterminacy in the free-trade world

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Author Info

  • Junko Doi

    (Kansai University (Japan) and Kyoto Sangyo University (Japan))

  • Kazumichi Iwasa

    (Graduate School of Economics, Kobe University, Japan)

  • Koji Shimomura

    (Research Institute for Economics & Business Administration (RIEB), Kobe University, Japan)

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
File Function: First version, 2006
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Bibliographic 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
Date of revision:
Handle: RePEc:kob:dpaper:187

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References

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  1. Benhabib, Jess & Farmer, Roger E A, 1996. "Indeterminacy and Sector-specific Externalities," CEPR Discussion Papers 1403, C.E.P.R. Discussion Papers.
  2. 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.
  3. Kazuo Nishimura & Koji Shimomura, 2006. "Indeterminacy in a dynamic two-country model," Economic Theory, Springer, vol. 29(2), pages 307-324, October.
  4. Junko Doi & Kazumichi Iwasa & Koji Shimomura, 2006. "A well-behaved utility function can generate Giffen behavior," Discussion Paper Series 181, Research Institute for Economics & Business Administration, Kobe University, revised May 2006.
  5. 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).
  6. 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.
  7. Mino, Kazuo, 2001. "Indeterminacy and Endogenous Growth with Social Constant Returns," Journal of Economic Theory, Elsevier, vol. 97(1), pages 203-222, March.
  8. Nishimura, Kazuo & Shimomura, Koji, 2002. "Indeterminacy in a dynamic small open economy," Journal of Economic Dynamics and Control, Elsevier, vol. 27(2), pages 271-281, December.
  9. Koji Shimomura & Kazuo Nishimura, 2001. "Trade and Indeterminacy in a Dynamic General Equilibrium Model," Discussion Paper Series 117, Research Institute for Economics & Business Administration, Kobe University.
  10. Benhabib, Jess & Nishimura, Kazuo, 1998. "Indeterminacy and Sunspots with Constant Returns," Journal of Economic Theory, Elsevier, vol. 81(1), pages 58-96, July.
  11. 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.
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Cited by:
  1. Junko Doi & Kazumichi Iwasa & Koji Shimomura, 2009. "Giffen behavior independent of the wealth level," Economic Theory, Springer, vol. 41(2), pages 247-267, November.
  2. Eric W. Bond & Kazumichi Iwasa & Kazuo Nishimura, 2009. "A Dynamic Two Country Heckscher-Ohlin Model with Non-Homothetic Preferences," KIER Working Papers 686, Kyoto University, Institute of Economic Research.

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