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Indeterminacy and Market Instability

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Author Info
Nicholas C.S. Sim (Department of Economics, Boston College, USA)
Kong-Weng Ho (Division of Economics,School of Humanities and Social Sciences, Nanyang Technological University, Singapore)

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Abstract

This note shows that indeterminacy arising from an economy exhibiting production with social constant returns to scale may be related to the instability of the consumption goods market equilibrium. Furthermore, trade does not contribute to indeterminacy; indeterminacy arises becasue each country’s equilibrium path is already indeterminate before trade.

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File URL: http://www.ntu.edu.sg/hss2/egc/wp/2007/2007-05.pdf
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Publisher Info
Paper provided by Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre in its series Economic Growth centre Working Paper Series with number 0705.

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Length: 11 pages
Date of creation: May 2007
Date of revision:
Handle: RePEc:nan:wpaper:0705

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Related research
Keywords: Indeterminacy; Market Instability;

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Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
F00 - International Economics - - General - - - General
F11 - International Economics - - Trade - - - Neoclassical Models of Trade
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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This page was last updated on 2009-11-4.

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