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Indeterminacy with almost constant returns to scale: capital-labor substitution matters

Pintus, Patrick - In: Economic Theory 28 (2006) 3, pp. 633-649

This paper shows, in the benchmark one-sector Ramsey model, that indeterminacy and sunspots may occur when … the results are the general formulations of both preferences and technology that we consider. In particular, indeterminacy … positively sloped, indeterminacy does not necessarily require the equilibrium wage-hours locus to be upward sloping. Copyright …

Persistent link: https://www.econbiz.de/10005596695

Local Sunspot Equilibria Reconsidered

Dávila, Julio; Gottardi, Piero; Kajii, Atsushi - In: Economic Theory 31 (2007) 3, pp. 401-425

Persistent link: https://www.econbiz.de/10005178727

Habit formation and indeterminacy in overlapping generations models

Orrego, Fabrizio - In: Economic Theory 55 (2014) 1, pp. 225-241

I introduce habit formation into an otherwise standard overlapping generations economy with pure exchange populated by three-period-lived agents. Habits are modeled in such a way that current consumption increases the marginal utility of future consumption. With logarithmic utility functions, I...

Persistent link: https://www.econbiz.de/10010758629

A dynamic two country Heckscher–Ohlin model with non-homothetic preferences

Bond, Eric; Iwasa, Kazumichi; Nishimura, Kazuo - In: Economic Theory 48 (2011) 1, pp. 171-204

Persistent link: https://www.econbiz.de/10009324546

Indeterminacy of equilibrium in stochastic OLG models

Magill, Michael; Quinzii, Martine - In: Economic Theory 21 (2003) 2, pp. 435-454

of equilibria beyond the class of strongly stationary equilibria comes from the presence of indeterminacy: we propose a … restrict the domain of possible prices; then if some indeterminacy is left, expectation functions are introduced to make the …

Persistent link: https://www.econbiz.de/10005370690

Indeterminacy and cycles in two-sector discrete-time model

Nishimura, Kazuo; Benhabib, Jess; Venditti, Alain - In: Economic Theory 20 (2002) 2, pp. 217-235

that indeterminacy of steady states and cycles can easily arise with constant or decreasing social returns to scale, and … increasing social returns are required to generate indeterminacy. …

Persistent link: https://www.econbiz.de/10005370799

Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment

Van, Cuong Le; Vailakis, Yiannis - In: Economic Theory 22 (2003) 4, pp. 743-771

Persistent link: https://www.econbiz.de/10005753350

The robustness of optimal equilibrium among overlapping generations

Burke, Jonathan L. - In: Economic Theory 14 (1999) 2, pp. 311-329

We combine and strengthen optimality and robustness theorems for the overlapping-generations model of money. Roughly, we find a Pareto-optimal monetary equilibrium of a generic stationary economy that is near an optimal monetary equilibrium of each nearby non-stationary economy. Since the nearby...

Persistent link: https://www.econbiz.de/10005597784

On the continuity of correspondences on sets of measures with restricted marginals

Bergin, James - In: Economic Theory 13 (1999) 2, pp. 471-481

Consider the set of probability measures on a product space with the property that all have the same marginal distributions on the coordinate spaces. This set may be viewed as a correspondence, when the marginal distributions are varied. Here, it is shown that this correspondence is continuous....

Persistent link: https://www.econbiz.de/10005155437

A method of calculating the spectral radius of a nonnegative matrix and its applications

Ibragimov, Marat - In: Economic Theory 17 (2001) 2, pp. 467-480

We present a method of calculating the maximal eigenvalue of an indecomposable nonnegative matrix, which is based on ideas of geometric programming. In addition to that, we obtain estimates for elements of an indecomposable nonnegative matrix by its spectral radius. The results make it possible...

Persistent link: https://www.econbiz.de/10005370734