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Indeterminacy under Social Constant Returns and Costs of Adjusting Capital

김진일
한국계량경제학회|2012.09|계량경제학보 (Journal of Economic Theory and Econometrics)|제23권 제3호|pp. 187-200

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참고문헌

키워드

IndeterminacyConstant Returns to ScaleCosts of Adjusting Capital
주제분류경제학

초록

It has been shown that, in a small open economy with traded and nontraded goods, indeterminacy occurs under constant returns to scale for the social technology with an arbitrarily small degree of externalities. This paper claims that costs of adjusting capital increase the required degree of externalities for indeterminacy to arise. Under empirically plausible levels of adjustment costs and externalities, indeterminacy does not arise in a model with social constant returns.

Abstract

It has been shown that, in a small open economy with traded and nontraded goods, indeterminacy occurs under constant returns to scale for the social technology with an arbitrarily small degree of externalities. This paper claims that costs of adjusting capital increase the required degree of externalities for indeterminacy to arise. Under empirically plausible levels of adjustment costs and externalities, indeterminacy does not arise in a model with social constant returns.

참고문헌 (22)

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