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We examine the conditions for multiplicity of equilibrium in a dynamic, two-country model of trade with a durable good of the type proposed by <link rid="b5 b6">Shimomura (1993, 2004</link>). If trade must balance in each period, we show that there will be a unique autarkic steady-state equilibrium and that the...
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The paper argues that multiple equilibria-whether non-stationary or stationary- are a generic property of dynamic rational expectations models. In light of this, this paper proposes a selection criterion for choosing between these multiple equilibria in an important class of dynamic rational...
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Previous literature has shown that local indeterminacy and local instability can arise in two-sector models when factor market distortions create a divergence between capital intensity ranking of the sectors on a physical basis and on a value basis. We identify a previously unnoticed source of...
Persistent link: https://www.econbiz.de/10005178575
We investigate how increases in publication delays have affected the life-cycle of publications of recent Ph.D. graduates in economics. We construct a panel dataset of 14,271 individuals who were awarded Ph.D.s between 1986 and 2000 in US and Canadian economics departments. For this population...
Persistent link: https://www.econbiz.de/10009421458
We investigate how increases in publication delays have affected the life-cycle of publications of recent Ph.D. graduates in economics. We construct a panel dataset of 14,271 individuals who were awarded Ph.D.s between 1986 and 2000 in US and Canadian economics departments. For this population...
Persistent link: https://www.econbiz.de/10009018252
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