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In a simple OLG model, we introduce public services which work as a source of utility. Assuming constant returns to scale in the production, we show that public services promote the occurrence of local indeterminacy. In contrast to a lot of existing contributions which have exploited productive...
Persistent link: https://www.econbiz.de/10005110871
In a simple OLG model, we introduce public services which work as a source of utility. Assuming constant returns to scale in the production, we show that public services promote the occurrence of local indeterminacy. In contrast to a lot of existing contributions which have exploited productive...
Persistent link: https://www.econbiz.de/10010630216