Indeterminacy and business-cycle fluctuations in a two-sector monetary economy with externalities
نویسندگان
چکیده
منابع مشابه
Indeterminacy and Business-cycle Fluctuations in a Two-sector Economy with Externalities
We consider a two-sector economy with money-in-the-utility-function and sector-specific externalities. We provide conditions on technologies leading to the existence of local indeterminacy for any value of the interest rate elasticity of money demand, provided the elasticity of intertemporal substitution in consumption is large enough. Moreover, we show that the occurrence of multiple equilibri...
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ژورنال
عنوان ژورنال: Journal of Difference Equations and Applications
سال: 2009
ISSN: 1023-6198,1563-5120
DOI: 10.1080/10236190902850589