Indeterminacy in a Small Open Economy Ramsey Growth Model
نویسندگان
چکیده
منابع مشابه
Indeterminacy in a Small Open Economy Ramsey Growth Model
This paper presents a small open economy version of the J. Benhabib and R. E. A. Farmer (1996, J. Monet. Econ. 37, 421 443) two sector optimal growth model with production externalities. It is shown that indeterminacy is considerably easier to obtain under a regime of perfect world capital markets than in the closed economy variant. Furthermore, the result is not dependent on a high labor suppl...
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In his paper “Does utility curvature matter for indeterminacy”, Kim (2005) analyzed the relationship among the utility function form, curvature and indeterminacy, concluding that the relationship between curvature and indeterminacy is not robust in neoclassical growth model and the indeterminacy may disappear under the utility specification as in Greenwood et.al (1998). The models he discussed ...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2001
ISSN: 0022-0531
DOI: 10.1006/jeth.2000.2734