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Indeterminacy and cycles in two-sector discrete-time model |
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| Authors: | Jess Benhabib Kazuo Nishimura Alain Venditti |
| Institution: | (1) Department of Economics, New York University, 269 Mercer St., 7th Floor, New York City, NY 10003, USA , US;(2) Institute of Economic Research, Kyoto University, Yoshida-Honmachi, Sakyo-ku, Kyoto 606, JAPAN (e-mail: nishimura@kier.kyoto-u.ac.jp) , JP;(3) CNRS - GREQAM, 2 rue de la Charité, 13002 Marseille, FRANCE , FR |
| Abstract: | Summary. We consider a discrete-time two-sector Cobb-Douglas economy with positive sector specific external effects. We show that indeterminacy of steady states and cycles can easily arise with constant or decreasing social returns to scale, and very small market imperfections. This is in sharp contrast with most of the contributions in the literature in which increasing social returns are required to generate indeterminacy. Received: July 31, 2000; revised version: June 5, 2001 |
| Keywords: | and Phrases: Sector specific externalities Constant and decreasing social returns Indeterminacy Cycles |
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