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Existence and local indeterminacy of periodic equilibrium paths in infinite horizon models with external effects

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  • Tetsuya Shimokawa

    (CIRJE, Faculty of Economics, University of Tokyo, Hongo 7-3-1 Bunkyo-ku, Tokyo 113-8654, JAPAN)

Abstract

It is expected that every periodic equilibrium path may exist even under standard assumptions such as low discounting and the concavity of utility functions in infinite horizon models with external effects. Nevertheless, until now no such example has been presented. In this note we will first construct a bounded growth model that has an external effect and every periodic equilibrium path under any discount factor. Next we will study the conditions under which periodic equilibrium paths have a local indeterminacy.

Suggested Citation

  • Tetsuya Shimokawa, 2000. "Existence and local indeterminacy of periodic equilibrium paths in infinite horizon models with external effects," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 16(1), pages 199-208.
  • Handle: RePEc:spr:joecth:v:16:y:2000:i:1:p:199-208
    Note: Received: December 23, 1998; revised version: April 19, 1999
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    Keywords

    External effects; Periodic equilibrium paths; Local indeterminacy.;

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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