Global Externalities, Endogenous Growth and Sunspot Fluctuations
Bibliographic Data
| ID | 20081994 |
|---|---|
| Authors | Kazuo Nishimura (0000-0001-8869-3355, Kyoto University, corresponding author), Harutaka Takahashi (0000-0002-0308-4241, Ferris University), Alain Venditti (Aix-Marseille Sciences Economiques) |
| Year | 2012 |
| Pages | 413-425 |
| 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_17 |
| OpenAlex | W2096499483 |
| ISBN | 9783642223976 |
| Language | EN |
| References cited | 15 |
Over the last decade, a large literature has focussed on the existence of local indeterminacy, i.e. a continuum of equilibrium paths converging toward a steady state, and sunspot fluctuations in endogenous growth models. These studies provide a possible explanation of the facts that economic growth rates are volatile over time and dispersed across countries. Within infinite-horizon two-sector models, the occurrence of multiple equilibrium paths is related to the existence of market imperfections such that productive externalities
Econometrics · Economics · Endogenous growth theory · Externality · Growth theory · Keynesian economics · Market economy · Mathematical economics · Microeconomics · Physics · Sunspot · Economic Growth and Productivity · Economic theories and models · Monetary Policy and Economic Impact
| Citation velocity | historical |
|---|---|
| Highly cited | No |