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Indeterminacy in a small open economy with endogenous labor supply

Meng, Qinglai; Velasco, Andrés - In: Economic Theory 22 (2003) 3, pp. 661-669

We establish conditions under which indeterminacy can occur in a small open economy business cycle model with … endogenous labor supply. Indeterminacy requires small externalities in technologies with social constant returns to scale …

Persistent link: https://www.econbiz.de/10005370678

Indeterminacy of equilibrium in stochastic OLG models

Magill, Michael; Quinzii, Martine - In: Economic Theory 21 (2003) 2, pp. 435-454

of equilibria beyond the class of strongly stationary equilibria comes from the presence of indeterminacy: we propose a … restrict the domain of possible prices; then if some indeterminacy is left, expectation functions are introduced to make the …

Persistent link: https://www.econbiz.de/10005370690

Destabilizing effects of a successful stabilization: a forward-looking explanation of the second Hungarian hyperinflation

Paal, Beatrix - In: Economic Theory 15 (2000) 3, pp. 599-630

The extreme severity of the second Hungarian hyperinflation is argued to be related to the unusual way in which the inflation was eventually stabilized. The historical features of this episode are represented in a general equilibrium model, which incorporates a transition from one monetary...

Persistent link: https://www.econbiz.de/10005370707

Indeterminacy and cycles in two-sector discrete-time model

Nishimura, Kazuo; Benhabib, Jess; Venditti, Alain - In: Economic Theory 20 (2002) 2, pp. 217-235

that indeterminacy of steady states and cycles can easily arise with constant or decreasing social returns to scale, and … increasing social returns are required to generate indeterminacy. …

Persistent link: https://www.econbiz.de/10005370799

Sunspot Fluctuations in Two-sector Economies with Heterogeneous Agents

Bosi, Stefano; Magris, Francesco; Venditti, Alain - In: Economic Theory 33 (2007) 2, pp. 311-331

Persistent link: https://www.econbiz.de/10005370831

Monetary equilibria over an infinite horizon

Bloise, Gaetano; Dréze, Jacques; Polemarchakis, Herakles - In: Economic Theory 25 (2005) 1, pp. 51-74

Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities and assets extends over an infinite horizon under uncertainty and a sequentially complete asset market. Monetary policy sets the path of rates of interest and accommodates the demand for balances...

Persistent link: https://www.econbiz.de/10005370850