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Indeterminacy in a small open economy with endogenous labor supply

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  • Qinglai Meng
  • Andrés Velasco

Abstract

We establish conditions under which indeterminacy can occur in a small open economy business cycle model with endogenous labor supply. Indeterminacy requires small externalities in technologies with social constant returns to scale, independently of the intertemporal elasticities in both consumption and labor. Copyright Springer-Verlag Berlin Heidelberg 2003

Suggested Citation

  • Qinglai Meng & Andrés Velasco, 2003. "Indeterminacy in a small open economy with endogenous labor supply," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 22(3), pages 661-669, October.
    • Handle: RePEc:spr:joecth:v:22:y:2003:i:3:p:661-669
    DOI: 10.1007/s00199-002-0308-5
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    Keywords

    Keywords and Phrases: Indeterminacy; Small open economy; Business cycles.; JEL Classification Numbers: E32; F12; F4.;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation

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