Indeterminacy and Market Instability

Nicholas Sim and Kong Weng Ho ()

No 705, Economic Growth Centre Working Paper Series from Nanyang Technological University, School of Social Sciences, Economic Growth Centre

Abstract: This note shows that indeterminacy arising from an economy exhibiting production with social constant returns to scale may be related to the instability of the consumption goods market equilibrium. Furthermore, trade does not contribute to indeterminacy; indeterminacy arises becasue each country’s equilibrium path is already indeterminate before trade.

Keywords: Indeterminacy; Market Instability (search for similar items in EconPapers)
JEL-codes: E32 F00 F11 F43 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2007-05
New Economics Papers: this item is included in nep-bec, nep-int, nep-mac and nep-sea
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Journal Article: Indeterminacy and market instability (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:nan:wpaper:0705

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