In this paper, we show that consumption externalities are a source of equilibrium indeterminacy in a growth model with …' consumption is constant along the equilibrium path, the equilibrium does not exhibit indeterminacy. In contrast, when that … marginal rate of substitution is not constant, the equilibrium may exhibit indeterminacy even if the elasticity of the labor …

In this paper, we show that consumption externalities are a source of equilibrium indeterminacy in a growth model with …' consumption is constant along the equilibrium path, the equilibrium does not exhibit indeterminacy. In contrast, when that … marginal rate of substitution is not constant, the equilibrium may exhibit indeterminacy even if the elasticity of the labor …

redistributed across households in steady state. Inequality leads to equilibrium indeterminacy and undermines the theoretical …

, taxation policy can generate indeterminacy under plausible parameterizations. The key for this result is that the accumulation …

congestion, combined with variable capital utilization, can lead to indeterminacy at very low degrees of social increasing …