Sraffian Indeterminacy in General Equilibrium Revisited

Naoki Yoshihara (nyoshihara@econs.umass.edu) and Se Ho Kwak
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Se Ho Kwak: Department of Economics, University of Massachusetts Amherst

UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics

Abstract: In contrast to Mandler’s (1999a; Theorem 6) impossibility result about the Sraffian indeterminacy of the steady-state equilibrium, we first show that any regular Sraffian steady-state equilibrium is indeterminate in terms of Sraffa (1960) under the simple overlapping generation economy. Moreover, we also check that this indeterminacy is generic. These results are obtained by explicitly defining a simple model of overlapping gener- ation economies with Leontief production techniques, in which we also explain the main source of the difference between our results and Mandler (1999a; section 6).

Keywords: Sraffian; indeterminacy (search for similar items in EconPapers)
JEL-codes: B51 D33 D50 (search for similar items in EconPapers)
Date: 2019
New Economics Papers: this item is included in nep-bec, nep-dge, nep-hme and nep-pke
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