Dynamic effects of government expenditure in a finance constrained economy |
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Authors: | Yoichi Gokan |
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Institution: | Faculty of Humanities and Social Sciences, Mie University, 1515, Kamihama-cho,Tsu-shi, Mie 514-8507, Japan |
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Abstract: | This paper introduces constant government expenditure in Woodford's finance constrained model (J. Econ. Theory, 1986) with capital-labor substitution as presented in Grandmont, Pintus and de Vilder (J. Econ. Theory, 1998) and investigates how government expenditure influences local dynamics near multiple steady states, depending upon the elasticity of substitution between capital and labor in production. |
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Keywords: | C-62 E-32 O-42 |
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