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Inequalities and fluctuations in a dynamic general equilibrium model

  • Christian Ghiglino

    ()

    (Department of Economics, Queen Mary and Westfield College, University of London,Mile End Road, London E1 4NS UK)

  • Marielle Olszak-Duquenne

    (Departement d'Econometrie, University of Geneva, 102, Bd. Carl-Vogt,1211 Geneve-4, SWITZERLAND)

In the present paper a tractable two-sector neo-classical growth model with heterogeneous agents is considered. The local dynamic properties of the equilibrium path are analyzed in relation with the underlying characteristics of the economy. In particular, the existence of fluctuations is related to the degree of heterogeneity in labor and in capital endowments. When applied to international trade theory, the analysis shows that free trade may distabilize a world economy that is originally stable under the regime of autarky.

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Article provided by Springer in its journal Economic Theory.

Volume (Year): 17 (2001)
Issue (Month): 1 ()
Pages: 1-24

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Handle: RePEc:spr:joecth:v:17:y:2001:i:1:p:1-24
Note: Received: December 28, 1998; revised version: October 29, 1999
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