indeterminacy in a two-sector optimal growth model. In equilibrium, consumption externalities operate as if the utility function is …In this paper we show that consumption externalities reduce the degree of increasing returns needed to generate … (close to) linear. If these externalities are strong, the minimum necessary increasing returns approach zero. Therefore, this …

indeterminacy in the model. When public sector production adds to private sector output, the setup exhibits "sink" dynamics, and …

function of various structural parameters. We show that local indeterminacy occurs through flip and Hopf bifurcations for a …

We analyze local indeterminacy and sunspot-driven fluctuations in the standard two-sector model with additively … corresponding parameter space. We also show that local indeterminacy can be obtained under any labor supply elasticity or under an … arbitrarily low elasticity of intertemporal substitution in consumption. On the empirical side, we find that indeterminacy and …

indeterminacy occurs through flip and Hopf bifurcations for a large set of values of the elasticity of intertemporal substitution in … indeterminacy occurs through flip and Hopf bifurcations for any value of the elasticity of the labor supply, and can even be …

indeterminacy occurs through flip and Hopf bifurcations for a large set of values of the elasticity of intertemporal substitution in … indeterminacy occurs through flip and Hopf bifurcations for any value of the elasticity of the labor supply, and can even be …