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Indeterminacy in discrete-time infinite-horizon models

Author

Listed:
  • Kazuo Nishimura

    (Kyoto University [Kyoto])

  • Alain Venditti

    () (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - ECM - Ecole Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique - AMU - Aix Marseille Université - EHESS - École des hautes études en sciences sociales)

Abstract

We present a survey of the main conditions for the occurrence of indeterminacy in discrete-time infinite-horizon models with technological external effects.One-sector models are characterized by global external effects coupled with increasing social returns. We will show that indeterminacy of equilibria is fundamentally based on the consideration of endogenous labor demand and externalities coming both from capital and labor. Most of the two-sector models are characterized by constant returns to scale at the social level. We will show that depending on whether external effects aresector-specific or intersectoral, some simple but different conditions on capital intensity differences across sectors generate indeterminate equilibria.

Suggested Citation

  • Kazuo Nishimura & Alain Venditti, 2006. "Indeterminacy in discrete-time infinite-horizon models," Working Papers halshs-00410763, HAL.
  • Handle: RePEc:hal:wpaper:halshs-00410763
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00410763
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    Cited by:

    1. Erol, Selman & Le Van, Cuong & Saglam, Cagri, 2011. "Existence, optimality and dynamics of equilibria with endogenous time preference," Journal of Mathematical Economics, Elsevier, vol. 47(2), pages 170-179, March.
    2. Drugeon, Jean-Pierre, 2008. "On intersectoral asymmetries in factors substitutability, "Equilibrium Production Possibility Frontiers" and the emergence of indeterminacies," Journal of Mathematical Economics, Elsevier, vol. 44(3-4), pages 277-315, February.

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