Indeterminacy under Constant Returns to Scale in Multisector Economies
The purpose of this paper is to characterize the possibility of indeterminacy in multisector growth models that exhibit constant marginal returns to scale at the social level, with empirically realistic small external effects. Our results demonstrate that indeterminacy does not require increasing returns to scale, large external effects, or close to linear utility functions. A small divergence between the social and private returns is sufficient for multiple equilibria.
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Volume (Year): 68 (2000)
Issue (Month): 6 (November)
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