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Aggregate instability under balanced-budget consumption taxes: A re-examination
Nourry, Carine; Seegmuller, Thomas; Venditti, Alain - In: Journal of Economic Theory 148 (2013) 5, pp. 1977-2006
We re-examine the destabilizing role of balanced-budget fiscal policy rules based on consumption taxation. Using a one-sector model with infinitely-lived households, we consider a specification of preferences derived from Jaimovich (2008) [14] and Jaimovich and Rebelo (2009) [15] which is...
Persistent link: https://www.econbiz.de/10011042995
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Indeterminacy and sunspots in two-sector RBC models with generalized no-income-effect preferences
Dufourt, Frédéric; Nishimura, Kazuo; Venditti, Alain - In: Journal of Economic Theory 157 (2015) C, pp. 1056-1080
function of various structural parameters. We show that local indeterminacy occurs through flip and Hopf bifurcations for a …
Persistent link: https://www.econbiz.de/10011263592
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Indeterminacy with Small Externalities: The Role of Non-Separable Preferences
Lloyd-Braga, Teresa; Nourry, Carine; Venditti, Alain - C.E.P.R. Discussion Papers - 2006
productive external effects arising from average capital and labour. We show that indeterminacy cannot arise when there are only …
Persistent link: https://www.econbiz.de/10005124153
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Indeterminacy in Dynamic Models: When Diamond Meets Ramsey
Lloyd-Braga, Teresa; Nourry, Carine; Venditti, Alain - C.E.P.R. Discussion Papers - 2005
the wage income, local indeterminacy of equilibria cannot occur with capital externalities alone but that it can occur …, local indeterminacy occurs in a Cobb-Douglas economy. Finally, we show that, as a consequence of our restriction on first …
Persistent link: https://www.econbiz.de/10005136695
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Indeterminacy and multiple steady states with sector-specific externalities
Magris, Francesco - In: Economic Modelling 29 (2012) 6, pp. 2664-2672
. We show that in order to get indeterminacy, the presence of both aggregate and sector-specific external effects is needed … consumption. We perform a sensitivity analysis and show that indeterminacy emerges for parameter values in line with those used in …
Persistent link: https://www.econbiz.de/10010588233
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A note on balanced-budget income taxes and aggregate (in)stability in multi-sector economies
Abad, Nicolas; Venditti, Alain - In: Macroeconomic dynamics 25 (2021) 3, pp. 824-843
Persistent link: https://www.econbiz.de/10012505476
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Expectational stability of sunspot equilibria in non-convex economies
McGough, Bruce; Meng, Qinglai; Xue, Jianpo - In: Journal of Economic Dynamics and Control 37 (2013) 6, pp. 1126-1141
-sloping and steeper than the Frisch labor-supply curve – is necessary for joint indeterminacy and E-stability. Then, with a … space corresponding to stable indeterminacy, that is, learnable sunspot equilibria. These existence results overturn the …
Persistent link: https://www.econbiz.de/10010871022
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Tax Policy and Stability in a Model with Sector-Specific Externalities
Guo, Jang-Ting; Harrison, Sharon G. - In: Review of Economic Dynamics 4 (2001) 1, pp. 75-89
a flat or progressive tax scheme (such as that in the U.S.) is more susceptible to indeterminacy and sunspot …
Persistent link: https://www.econbiz.de/10005091021
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Sunspot fluctuations in two-sector models with variable income effects
Dufourt, Frédéric; Nishimura, Kazuo; Nourry, Carine; … - In: Sunspots and non-linear dynamics : essays in honor of …, (pp. 71-96). 2017
Persistent link: https://www.econbiz.de/10011850351
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Nonseparable preferences do not rule out aggregate instability under balanced-budget rules : a note
Abad, Nicolas; Seegmuller, Thomas; Venditti, Alain - In: Macroeconomic dynamics 21 (2017) 1, pp. 259-277
Persistent link: https://www.econbiz.de/10011686240