Indeterminacy and the elasticity of substitution in one-sector models
Publication in refereed journal


香港中文大学研究人员 ( 现职)

叶创基教授 (经济学系)

全文

数位物件识别号 (DOI) http://dx.doi.org/10.1016/j.jedc.2009.10.011

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Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/5WOS source URL

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摘要This paper introduces a new production externality via factor substitution and explores its effects on generating indeterminacy in one-sector growth models. With the elasticity of substitution depends on the average level of capital intensity, indeterminacy is possible as long as the steady-state level of capital is below the normalized level of the CES production function. Given that the elasticity of factor substitution is decreasing in capital and the marginal product of capital is decreasing in terms of the elasticity, indeterminacy can occur because efficient factor substitution from capital deepening offsets the diminishing returns of capital. (C) 2009 Elsevier B.V. All rights reserved.

着者Wong TN, Yip CK
期刊名称Journal of Economic Dynamics and Control
出版年份2010
月份4
日期1
卷号34
期次4
出版社Elsevier
页次623 - 63http://aims.cuhk.edu.hk/converis/portal/Publication/5
国际标準期刊号016http://aims.cuhk.edu.hk/converis/portal/Publication/5-1889
电子国际标準期刊号1879-1743
语言英式英语

关键词Elasticity of substitution; Indeterminacy; Normalized CES production function
Web of Science 学科类别Business & Economics; Economics; ECONOMICS