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Aggregating sets of von Neumann-Morgenstern utilities
Danan, Eric; Gajdos, Thibault; Tallon, Jean-Marc - HAL - 2013
individual and social indeterminacy. We characterize several subclasses of neutral aggregation rules and show that utilitarian …
Persistent link: https://www.econbiz.de/10010775734
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Multiple equilibria in the Aghion–Howitt model
Benhabib, Jess - In: Research in Economics 68 (2014) 2, pp. 112-116
We show that the simple Aghion–Howitt model exhibits oscillatory indeterminacy in the process of creative destruction … indeterminacy occurs for quite plausible parametrizations of the share of the intermediate good. …
Persistent link: https://www.econbiz.de/10010777138
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General Fund Financing, Earmarking, Economic Stabilization, and Welfare
Chen, Been-Lon; Lee, Shun-Fa - In: Public Finance Review 37 (2009) 5, pp. 507-538
local indeterminacy. In a calibrated version, we compute the level of long-run welfare, and the results reflect favorably on …
Persistent link: https://www.econbiz.de/10010781758
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Indeterminacy and multiple steady states with sector-specific externalities
Magris, Francesco - In: Economic Modelling 29 (2012) 6, pp. 2664-2672
. We show that in order to get indeterminacy, the presence of both aggregate and sector-specific external effects is needed … consumption. We perform a sensitivity analysis and show that indeterminacy emerges for parameter values in line with those used in …
Persistent link: https://www.econbiz.de/10010588233
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Aggregating sets of von Neumann-Morgenstern utilities
Danan, Eric; Gajdos, Thibault; Tallon, Jean-Marc - HAL - 2010
individual and social indeterminacy. We characterize several subclasses of neutral aggregation rules and show that utilitarian …
Persistent link: https://www.econbiz.de/10010603641
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Indeterminacy with Constant Money Growth Rules and Income-Based Liquidity Constraints
Bosi, Stefano; Dufourt, Frédéric - Centre d'Études des Politiques Économiques (EPEE), … - 2005
inclusion of investment has dramatic, but contrasting, effects on the range of values giving rise to indeterminacy. First, it …
Persistent link: https://www.econbiz.de/10010655968
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Do habits generate endogenous fluctuations in a growing economy?
Park, Hyun - In: International Review of Economics & Finance 27 (2013) C, pp. 54-68
. Indeterminacy also emerges in the socially efficient second-best allocation even when the government intends to internalize habit …
Persistent link: https://www.econbiz.de/10010664340
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N problems require N instruments
De Geest, Gerrit - In: International Review of Law and Economics 35 (2013) C, pp. 42-57
Eric Posner (2003) has argued that (contract) law and economics has failed to produce clear policy recommendations because its theoretical results are usually inconclusive and empirical data on the parameters are usually unavailable. Legislators and courts, however, cannot wait to make decisions...
Persistent link: https://www.econbiz.de/10010665586
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Aggregate Stability and Balanced-Budget Rules
Ghilardi, Matteo; Rossi, Raffaele - School of Economics, University of Surrey - 2011
model may exhibit indeterminacy and sunspots fluctuations when income tax rates are determined by a balanced-budget rule …
Persistent link: https://www.econbiz.de/10010615161
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Monetary Policy and Equilibrium Indeterminacy in a Cash-in-Advance Economy with Investment
Yip, Chong Kee; Li, Ka Fai - In: Economics Bulletin 5 (2004) 2, pp. 1-7
find that active interest rate rules generate equilibrium uniqueness, but passive rules can lead to real indeterminacy …. Simulation shows that even in the presence of investment, passive rules are very likely to render indeterminacy. …
Persistent link: https://www.econbiz.de/10010629828