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Characterization of Equilibrium Paths in a Two-Sector Economy with CES Production Functions and Sector-Specific Externality

In: International Trade and Economic Dynamics

Author

Listed:
  • Miki Matsuo

    (Kyoto University)

  • Kazuo Nishimura

    (Kyoto University)

  • Tomoya Sakagami

    (Kumamoto Gakuen University)

  • Alain Venditti

    (CNRS-GREQAM, Marseille)

Abstract

In this chapter, we study a two-sector CES economy with sector-specific externality as described by Nishimura and Venditti (J Difference Equ Appl 10:1153– 1169, 2004). We characterize the equilibrium paths in the case that allows negative externality as that equlibrium paths were not explicitly discussed by Nishimura and Venditti. We show how the degree of externality affects the local behavior of the equilibrium path around the steady state.

Suggested Citation

  • Miki Matsuo & Kazuo Nishimura & Tomoya Sakagami & Alain Venditti, 2009. "Characterization of Equilibrium Paths in a Two-Sector Economy with CES Production Functions and Sector-Specific Externality," Springer Books, in: Takashi Kamihigashi & Laixun Zhao (ed.), International Trade and Economic Dynamics, pages 421-431, Springer.
  • Handle: RePEc:spr:sprchp:978-3-540-78676-4_28
    DOI: 10.1007/978-3-540-78676-4_28
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