leading to local indeterminacy of equilibrium. Estimates of the crucial parameters of the model using data from economies that …

characterised by local indeterminacy of dynamic equilibria, and hence feature fluctuations which are driven by extrinsic uncertainty. …

The required degree of increasing returns-to-scale to satisfy the Benhabib-Farmer condition for local indeterminacy is … increasing returns-to-scale in production for generating local indeterminacy. As the degree of monopoly power increases, the … required degree of increasing returns for local indeterminacy decreases monotonically. As a result, our numerical analysis …

sector-specific externalities. We show analytically that capital adjustment costs of any size preclude local indeterminacy … that when capital adjustment costs of any size are considered, a necessary condition for local indeterminacy is an upward … specifications of the other model parameters. These findings contrast sharply with the previous finding that local indeterminacy …

sector specific externalities. We show analytically that capital adjustment costs of any size preclude local indeterminacy … that when capital adjustment costs of any size are considered, a necessary condition for local indeterminacy is an upward … specifications of the other model parameters. These findings contrast sharply with the previous finding that local indeterminacy …

sector–specific externalities. We show analytically that capital adjustment costs of any size preclude local indeterminacy … that when capital adjustment costs of any size are considered, a necessary condition for local indeterminacy is an upward … specifications of the other model parameters. These findings contrast sharply with the previous finding that local indeterminacy …