Multiple Steady States and Endogenous Fluctuations with Increasing Returns to Scale in Production
نویسندگان
چکیده
منابع مشابه
Endogenous Productivity and Multiple Steady States
We endogenize total factor productivity in a neoclassical model with increasing returns to scale. We obtain multiple steady-state equilibria with an arbitrarily small degree of increasing returns to scale. While the most productive rms operate across all the steady states, in a poverty trap less productive rms operate as well. This results in lower average rm productivity and total factor pr...
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Article history: Accepted 17 January 2014 Available online 15 February 2014 JEL classification: C62 E21 E22
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 1998
ISSN: 0022-0531
DOI: 10.1006/jeth.1997.2384