haku: @author Nishimura, K. / yhteensä: 11
viite: 6 / 11
| Tekijä: | Benhabib, J. Nishimura, K. |
| Otsikko: | Indeterminacy and sunspots with constant returns |
| Lehti: | Journal of Economic Theory
1998 : JUL, VOL. 81:1, p. 58-96 |
| Asiasana: | MODELS MARKETS USA |
| Kieli: | eng |
| Tiivistelmä: | It is shown in the paper that indeterminacy can easily arise in multisector models that have constant variable returns to scale and very small market imperfections. This is in sharp contrast to models that require increasing returns to generate indeterminacy. These models have been criticized on the basis of recent empirical estimates indicating that returns to scale are roughly constant and that market imperfections are small. It is also shown that the constant returns model can be calibrated with sunspots, using standard parametrizations to produce a close match to the moments of aggregate consumption, output, investment, and employment in the U.S. data. |
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