Market imperfections and the instability of open economies
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)

全文

数位物件识别号 (DOI) http://dx.doi.org/10.1016/j.jinteco.2003.08.001

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Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/9WOS source URL

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摘要In the presence of small market imperfections, the transitional dynamics of an open economy can become indeterminate, in that there exist an infinite number of equilibrium paths converging to a unique steady state. In contrast to closed economy models, in the open economy, such indeterminacy can arise independently of the curvature of the utility function in consumption. The results suggest that with market imperfections, open economies can be subject to fluctuations caused by randomness unrelated to the economy's fundamentals. (C) 2003 Elsevier B.V. All rights reserved.

着者Meng QL, Velasco A
期刊名称Journal of International Economics
出版年份2004
月份12
日期1
卷号64
期次2
出版社ELSEVIER SCIENCE BV
页次503 - 51http://aims.cuhk.edu.hk/converis/portal/Publication/9
国际标準期刊号0022-1http://aims.cuhk.edu.hk/converis/portal/Publication/9http://aims.cuhk.edu.hk/converis/portal/Publication/96
电子国际标準期刊号1873-0353
语言英式英语

关键词equilibrium indeterminacy; market imperfections; small open economy; sunspots
Web of Science 学科类别Business & Economics; Economics; ECONOMICS