Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 孟庆来教授 (经济学系) |
| 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.jmacro.2007.02.003 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/13WOS source URL
其它资讯
摘要By relaxing the restrictions commonly imposed on the magnitude of capital externalities in one-sector models with Cobb-Douglas technology, we find that indeterminacy can arise in the following two cases: (i) the felicity function is separable in consumption and leisure and there are negative capital externalities; (ii) the felicity function is non-separable and the social elasticity of production with respect to capital is greater than one. In both cases indeterminacy happens when the aggregate labor-demand curve is downward-sloping. In addition, with Cobb-Douglas technology we show that the presence of income effects on the demand for leisure is a necessary condition for indeterminacy to occur, and that therefore for certain felicity functions characterized by the presence of no income effects indeterminacy can never occur regardless of the signs and magnitudes of capital and labor externalities. (c) 2007 Elsevier Inc. All rights reserved.
着者Meng Q, Yip CK
期刊名称JOURNAL OF MACROECONOMICS
出版年份2008
月份3
日期1
卷号30
期次1
出版社Elsevier
页次97 - 110
国际标準期刊号0164-0704
语言英式英语
关键词externalities; indeterminacy; preferences
Web of Science 学科类别Business & Economics; Economics; ECONOMICS
