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Indeterminacy and multiple steady states with sector-specific externalities

Magris, Francesco - In: Economic Modelling 29 (2012) 6, pp. 2664-2672

. We show that in order to get indeterminacy, the presence of both aggregate and sector-specific external effects is needed … consumption. We perform a sensitivity analysis and show that indeterminacy emerges for parameter values in line with those used in …

Persistent link: https://www.econbiz.de/10010588233

Hopf bifurcation in the Clarida, Gali, and Gertler model

Barnett, William A.; Eryilmaz, Unal - In: Economic Modelling 31 (2013) C, pp. 401-404

We explore bifurcation phenomena in the open-economy New Keynesian CGG Model based on Clarida et al. (2001, 2002). We find that the open economy framework can bring about more complex dynamics, along with a wider variety of qualitative behaviors and policy responses. Introducing parameters...

Persistent link: https://www.econbiz.de/10010636282

Consumption externality and indeterminacy under increasing returns to scale and endogenous capital depreciation

Wang, Gaowang; Zou, Heng-fu - In: Economic Modelling 38 (2014) C, pp. 282-287

externality helps to generate equilibrium indeterminacy together with production externality. Specifically, the existence of … consumption externality reduces the upper and lower bounds of production externality for local indeterminacy, and when the degree … of consumption externality increases, the upper and lower bounds of production externalities for local indeterminacy are …

Persistent link: https://www.econbiz.de/10011048932

On the existence and uniqueness of solution to the Lucas–Uzawa model

Chilarescu, Constantin - In: Economic Modelling 28 (2011) 1, pp. 109-117

In this paper we define the concept of admissible solution and then provide closed-form solutions for all variables of the model along the transitional dynamics path. We present numerical simulations and compare our results with those obtained through the methods developed by Boucekkine and...

Persistent link: https://www.econbiz.de/10010577097

R&D games in a Cournot duopoly with isoelastic demand functions: A comment

Luckraz, Shravan - In: Economic Modelling 28 (2011) 6, pp. 2873-2876

In a recent paper, Tramontana (Economic Modelling, 27; 350–357, 2010) investigates the stability properties of a Cournot Duopoly game when the demand function is isoelastic. In this note, we show that for some well known applications of two-stage Cournot games (D. Aspremont and Jacquemin,...

Persistent link: https://www.econbiz.de/10010577136

Asset price volatility and government revenue

Tagkalakis, Athanasios - In: Economic Modelling 28 (2011) 6, pp. 2532-2543

This paper investigates the effect of commercial, residential property and equity price volatility on the variability of cyclically adjusted government revenue. We find significant evidence that asset price volatility increases the variability of government revenue. A 1% increase in equity price...

Persistent link: https://www.econbiz.de/10010577066

The efficiency of government promotion of inbound tourism: The case of Australia

Shi, Hui - In: Economic Modelling 29 (2012) 6, pp. 2711-2718

This paper examines the effect of tax-funded promotion of inbound tourism on domestic welfare in an open economy setting with increasing returns in the tourism industry. As inbound tourism is a way of extending the market and getting more demand to realize the implication of increasing returns,...

Persistent link: https://www.econbiz.de/10010588225

Skilled–unskilled wage inequality, product variety, public input and increasing returns: A static general equilibrium analysis

Gupta, Manash Ranjan; Dutta, Priya Brata - In: Economic Modelling 29 (2012) 2, pp. 502-513

The paper develops a four sector small open economy model with two traded final good sectors, a public intermediate good producing sector and a nontraded good sector producing varieties of intermediate goods. There are three primary factors: capital, skilled labour and unskilled labour....

Persistent link: https://www.econbiz.de/10010577087

Increasing returns, land use controls and housing prices in China

Zhang, Dingsheng; Cheng, Wenli; Ng, Yew-Kwang - In: Economic Modelling 31 (2013) C, pp. 789-795

The Chinese government has been active in trying to cool the alleged bubbles in its housing markets, especially in urban areas. This paper argues that the high housing prices are partly caused by some real factors, including the policy of restricting land uses, in particular the maintenance of a...

Persistent link: https://www.econbiz.de/10010636309

Can sustained economic growth and declining population coexist?

Elgin, Ceyhun; Tumen, Semih - In: Economic Modelling 29 (2012) 5, pp. 1899-1908

Most of the developed countries have been experiencing sub-replacement fertility. This leads to worries over the sustainability of economic growth in these countries. Given this concern, we ask the following questions: Is there a force that would allow economic growth and declining population to...

Persistent link: https://www.econbiz.de/10011048866