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| Author: | Boldrin, M. Rustichini, A. |
| Title: | Growth and indeterminancy in dynamic models with externalities |
| Journal: | Econometrica
1994 : MAR, VOL. 62:2, p. 323-342 |
| Index terms: | GROWTH ECONOMICS PRICING |
| Language: | eng |
| Abstract: | The authors study the indeterminacy of equilibria in infinite horizon capital accumulation models with technological externalities. This investigation encompasses models with bounded and unbounded accumulation paths, and models with one and two sectors of production. Under reasonable assumptions the authors find that equilibria are locally unique in one-sector economies. In economies with two sectors of production it is instead easy to construct examples where a positive external effect induces a two-dimensional manifold of equilibria converging to the same steady state or to the same constant growth rate. |
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