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Externalities and Price Dynamics

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Author Info
Manjira Datta () (Arizona State University)

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Abstract

This paper analyzes dynamic movement of outputs and market- clearing when mutually interdependent economies trade. The equilibrium evolution of stocks admit the possibility of monotonic or cyclical behavior, even in the long run. However, the prices eventually reach a steady-state but may exhibit monotonic or oscillating behavior, in the short run. Also we show that higher consumption per unit of stock is associated with a lower productivity or with negative externalities. A stronger preference for the foreign good, increases or decreases consumption depending whether the externality is negative or positive.

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Paper provided by Arizona State University, Department of Economics in its series Working Papers with number 9710.

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Handle: RePEc:wop:astewp:9710

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Related research
Keywords: Externality; international trade;

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Find related papers by JEL classification:
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
D90 - Microeconomics - - Intertemporal Choice and Growth - - - General
F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Tito Cordella & Manjira Datta, 1995. "Intertemporal Cournot and Walras Equilibrium: An Illustration," Economics Working Papers 125, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
    Other versions:
  2. Fischer, Ronald D. & Mirman, Leonard J., 1996. "The Compleat Fish Wars: Biological and Dynamic Interactions," Journal of Environmental Economics and Management, Elsevier, vol. 30(1), pages 34-42, January. [Downloadable!] (restricted)
  3. David Levhari & Leonard J. Mirman, 1980. "The Great Fish War: An Example Using a Dynamic Cournot-Nash Solution," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 322-334, Spring. [Downloadable!] (restricted)
  4. Adam B. Jaffe, 1986. "Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits and Market Value," NBER Working Papers 1815, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. DATTAÊ, Manjira, 1994. "Externalities and Price Dynamics," CORE Discussion Papers 1994006, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. Copeland, Brian R., 1990. "Strategic enhancement and destruction of fisheries and the environment in the presence of international externalities," Journal of Environmental Economics and Management, Elsevier, vol. 19(3), pages 213-226, November. [Downloadable!] (restricted)
    Other versions:
  7. Nishimura, Kazuo & Yano, Makoto, 1993. "Interlinkage in the Endogenous Real Business Cycles of International Economies," Economic Theory, Springer, vol. 3(1), pages 151-68, January.
  8. Wan, Henry Jr. & Majumdar, Mukul, 1980. "Trade under temporary equilibrium: Evolution in a loglinear world," Journal of International Economics, Elsevier, vol. 10(1), pages 37-62, February. [Downloadable!] (restricted)
  9. Alwyn Young, 1991. "Learning by Doing and the Dynamic Effects of International Trade," NBER Working Papers 3577, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Young, Alwyn, 1991. "Learning by Doing and the Dynamic Effects of International Trade," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 369-405, May. [Downloadable!] (restricted)
  11. Dattaê, M. & Mirman, L., 1994. "Dynamic Capital Interactions, Externalities and Trade," CORE Discussion Papers 1994009, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  12. Fischer, Ronald D. & Mirman, Leonard J., 1992. "Strategic dynamic interaction : Fish wars," Journal of Economic Dynamics and Control, Elsevier, vol. 16(2), pages 267-287, April. [Downloadable!] (restricted)
  13. Findlay, Ronald, 1980. "The Terms of Trade and Equilibrium Growth in the World Economy," American Economic Review, American Economic Association, vol. 70(3), pages 291-99, June. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Manjira Datta & Leonard Mirman, . "Dynamic Externalities and Policy Coordination," Working Papers 2132841, Department of Economics, W. P. Carey School of Business, Arizona State University. [Downloadable!]
    Other versions:
  2. Manjira Datta & Leonard Mirman & Olivier Morand & Kevin Reffett, . "Lattice Methods in Computation of Sequential Markov Equilibrium in Dynamic Games," Working Papers 2179545, Department of Economics, W. P. Carey School of Business, Arizona State University. [Downloadable!]
  3. Manjira Datta & Leonard J. Mirman, . "Externalities, Market Power, and Resource Extraction," Working Papers 97/12, Arizona State University, Department of Economics. [Downloadable!]
    Other versions:
  4. Manjira Datta, . "Stationary Temporary Equilibrium in a General Model of Optimal Accumulation and Trade," Working Papers 97/8, Arizona State University, Department of Economics. [Downloadable!]
    Other versions:
  5. Akihiko Yanase, 2005. "Pollution Control in Open Economies: Implications of Within-period Interactions for Dynamic Game Equilibrium," Journal of Economics, Springer, vol. 84(3), pages 277-311, 05. [Downloadable!] (restricted)
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This page was last updated on 2009-12-2.

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