A Two Sector Interaction Model with Intra- and Inter-Sectoral Technology Spillovers

Ugyeong Jeong
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Ugyeong Jeong: Kwandong University

Korean Economic Review, 1996, vol. 11, issue 2, 75-95

Abstract: This paper presents a sectoral interaction model of business cylces with intra-and inter- sectoral technology spillovers. Given microeconomic decision rules, aggre-gate dynamics is derived using mean field approximation. Technological progress is partially endogenized through interactive process in contrast to the real business cycle model which assumed fully exogenous shocks. Depending on parameter values, the economy exhibits multiple steady states, in which case uncorrelated sector spec-ific shocks cause aggregate fluctuations through inter-sectoral shock mechanism.

Date: 1996
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