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Indeterminacy and market instability

Author

Listed:
  • Kong-Weng Ho

    (Nanyang Technological University)

  • Nicholas Sim

    (Boston College)

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.

Suggested Citation

  • Kong-Weng Ho & Nicholas Sim, 2007. "Indeterminacy and market instability," Economics Bulletin, AccessEcon, vol. 5(1), pages 1-7.
    • Handle: RePEc:ebl:ecbull:eb-07e30001
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    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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