The Core-Periphery Model: Existence And Uniqueness Of Short-Run Equilibrium
We consider the core-periphery model by Krugman (1991). The nature and stability of the possible steady states of the model have been made progressively precise, see Fujita et al. (1999) and Baldwin et al. (2003). In that model as well as in all the new economic geography models that have been derived from it, the short-run (instantaneous) equilibrium is implicitly determined by the current labor distribution across regions. The numerical computations used so far to determine the short-run equilibrium, tend to suggest its existence. In this work, an existence and uniqueness proof of short-run equilibrium is provided.
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- Masahisa Fujita & Paul Krugman & Anthony J. Venables, 2001. "The Spatial Economy: Cities, Regions, and International Trade," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262561476, January.
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- Fujita,Masahisa & Thisse,Jacques-FranÃ§ois, 2013. "Economics of Agglomeration," Cambridge Books, Cambridge University Press, number 9780521171960, October.
- Fujita, M. & Thisse, J.-F., "undated". "Economics of agglomeration," CORE Discussion Papers RP 1250, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Fujita, Masahisa & Thisse, Jacques-François, 1996. "Economics of Agglomeration," CEPR Discussion Papers 1344, C.E.P.R. Discussion Papers.
- Gianmarco I. P. Ottaviano & Diego Puga, 1998. "Agglomeration in the Global Economy: A Survey of the 'New Economic Geography'," The World Economy, Wiley Blackwell, vol. 21(6), pages 707-731, 08.
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- Krugman, Paul, 1991. "Increasing Returns and Economic Geography," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 483-499, June.
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