leisure. Unlike in the one-sector counterpart, we show that equilibrium indeterminacy can result with sufficiently high … threshold level of returns-to-scale needed for generating indeterminacy and sunspots. This Finding turns out to be exactly the … opposite of that in all existing RBC-based indeterminacy studies. …

This paper quantitatively examines the empirical plausibility of equilibrium indeterminacy and sunspot-driven cyclical …

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

a flat or progressive tax scheme (such as that in the U.S.) is more susceptible to indeterminacy and sunspot …

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 …