• Aucun résultat trouvé

Capital Externalities in Two-Sector Models

N/A
N/A
Info
Télécharger
Protected

Academic year: 2021

Partager "Capital Externalities in Two-Sector Models"

Copied!
3
0
0

Chargement.... (Voir le texte intégral maintenant)

Texte intégral

(1)

HAL Id: halshs-00410761

https://halshs.archives-ouvertes.fr/halshs-00410761

Preprint submitted on 24 Aug 2009

HAL

is a multi-disciplinary open access archive for the deposit and dissemination of sci- entific research documents, whether they are pub- lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire

HAL, est

destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.

Capital Externalities in Two-Sector Models

Alain Venditti

To cite this version:

Alain Venditti. Capital Externalities in Two-Sector Models. 2006. �halshs-00410761�

(2)

GREQAM

Groupement de Recherche en Economie Quantitative d'Aix-Marseille - UMR-CNRS 6579 Ecole des Hautes Etudes en Sciences Sociales

Universités d'Aix-Marseille II et III

Document de Travail n°2006-42

CAPITAL EXTERNALITIES IN TWO- SECTOR MODELS

Alain VENDITTI

September 2006

(3)

Capital Externalities in Two-Sector Models

∗

Alain VENDITTI

CNRS - GREQAM, 2 rue de la Charit´e, 13002 Marseille, France E-mail: [email protected]

First version: March 2006; Revised : June 2006

Abstract: We consider a two-sector economy with positive capital externalities and constant social returns. We first show that local indeterminacy does not require external effects from labor but is fundamentaly based on externalities derived from capital in the investment good sector. Second, we show that the external effects in the investment good sector has to be characterized by a low enough amount of capital stock from the consumption good sector. In other words, the existence of multiple equilibria is ruled out if the externalities are too intersectoral.

Keywords: Infinite horizon models, sector-specific and intersectoral capital externali- ties, constant social returns, indeterminacy.

Journal of Economic Literature Classification Numbers: C62, E32, O41.

∗I am infinitely delighted to contribute to this special issue in honor of Kazuo Nishimura. During my PhD, he has been a teacher, working on his outstanding con- tributions to optimal growth theory and intertemporal equilibrium models. A few years later, I had the immense privilege of meeting him and starting a fantastic collaboration with him. Now Kazuo is a wonderful friend. I am extremely happy to acknowledge his influence on my work and to thank him for his confidence. I also thank an anonymous referee for useful comments and suggestions.

Références

Télécharger maintenant ( PDF - 3 Page - 162.53 KB )

Documents relatifs

Fiscal Shocks in a Two-Sector Open Economy with Endogenous Markups

3 One major contribution of our paper is to show that the neoclassical model can account for the real exchange rate depreciation along with the simultaneous decline in investment

Local and global indeterminacy in two-sector models of endogenous growth

as the one obtained by Bond et al. [10] in a similar two-sector model with taxes and by Benhabib et al. [6], Mino [21] or Nishimura and Venditti [25] in a similar two-sector model

Capital-labor substitution and indeterminacy in continuous-time two-sector models

Contrary to the previous Proposition, the existence of local indetermin- acy does not require the elasticity of capital-labor substitution in the con- sumption good sector to be

Local indeterminacy under dynamic efficiency in a two-sector overlapping generations economy

Assuming gross substitutability and a capital intensive consumption good, we prove that when dynamic efficiency holds, local indeterminacy and sunspot fluctuations occur with low

Local indeterminacy in two-sector overlapping generations models

Proposition 5. It requires also intermediary values for the elasticity of intertemporal substitution in consumption. Figure 4 shows on the contrary that in case ii), γ = γ F and

Indeterminacy and business-cycle fluctuations in a two-sector monetary economy with externalities

On the one hand, we show that local indeterminacy of order 2 requires a large enough elasticity of intertemporal substitution in consumption, a low enough interest elasticity of

Sunspot Fluctuations in Two-Sector Models with Variable Income Effects

More precisely, for any given size of income effect, we show that there is a non-empty range of values for the Frisch elasticity of labor and the elasticity of

Characterization of Equilibrium Paths in a Two-Sector Economy with CES Production Functions and Sector-Specific Externality

In this paper, we study the Nishimura and Venditti [5] model, focussing on the external effect of the capital-labor ratio in the pure capital good sector and characterize