Indeterminacy in Discrete-Time Infinite-Horizon Models with Non-linear Utility and Endogenous Labor
Bibliographic Data
| ID | 20076701 |
|---|---|
| Authors | Kazuo Nishimura (0000-0001-8869-3355, Kyoto University, corresponding author), Alain Venditti (Aix-Marseille Sciences Economiques) |
| Year | 2012 |
| Pages | 363-400 |
| Publication date | 2012-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | CHAPTER |
| Venue | Nonlinear Dynamics in Equilibrium Models (SOURCE_BOOK) |
| Publisher | Springer Berlin Heidelberg (PUBLISHER) |
| DOI | 10.1007/978-3-642-22397-6_15 |
| OpenAlex | W2016056892 |
| ISBN | 9783642223976 |
| Language | EN |
| Citations received | 1 |
| References cited | 12 |
Over the last decade, a large number of papers have established the fact that locally indeterminate equilibria and sunspots fluctuations may arise in infinite-horizon growth models with external effects in production. These contributions also show that there exist significant differences between one-sector and two-sector models. As initially established by Benhabib and Farmer (1994), in one-sector models local indeterminacy requires some increasing returns based on externalities coming from capital and more importantly labor, a strongly elastic labor supply, and a large enough elasticity of intertemporal substitution in consumption which may however remain within plausible intervals
Capital accumulation · Econometrics · Economics · Elasticity of intertemporal substitution · Elasticity of substitution · Externality · Growth model · Horizon · Indeterminate · Jump · Mathematical economics · Microeconomics · Overlapping generations model · Physics · Economic Growth and Productivity · Economic theories and models · Fiscal Policy and Economic Growth · Mathematics
| Unique citing works | 1 |
|---|---|
| Citations per year | 0,06 |
| Citation span | 2010 - 2010 (1) |
| Citation velocity | historical |
| Highly cited | No |