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| Author: | Eckwert, B. Schittko, U. K. |
| Title: | Welfare properties of endogenous business cycles in a two-country model with production. |
| Journal: | Economic Studies Quarterly
1993 : DEC, VOL. 44:4, p. 311-324 |
| Index terms: | CONSUMPTION BUSINESS CYCLES TRADE PRODUCTION |
| Language: | eng |
| Abstract: | This paper analyzes the dynamic behavior and efficiency properties of a disaggregated two-country model with production. Trade occurs in consumption goods, investment goods and in equities issued by firms of both countries. However trade between the two countries is always balanced, so that no international lending and borrowing takes place and no international trade in equities is allowed. In the long run the economy may not converge to a stationary state but exhibits endogenous competitive business cycles. |
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