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

Miki Matsuo, Kazuo Nishimura, Tomoya Sakagami and Alain Venditti
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Miki Matsuo: Kyoto University
Tomoya Sakagami: Kumamoto Gakuen University

A chapter in International Trade and Economic Dynamics, 2009, pp 421-431 from Springer

Abstract: In this chapter, we study a two-sector CES economy with sector-specific externality as described by Nishimura and Venditti (J Difference Equ Appl 10:1153– 1169, 2004). We characterize the equilibrium paths in the case that allows negative externality as that equlibrium paths were not explicitly discussed by Nishimura and Venditti. We show how the degree of externality affects the local behavior of the equilibrium path around the steady state.

Keywords: Saddle Point; Discount Factor; Characteristic Root; Representative Agent; Equilibrium Path (search for similar items in EconPapers)
Date: 2009
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Working Paper: Characterization of Equilibrium Paths in a Two-Sector Economy with CES Production Functions and Sector-Specific Externality (2008)
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DOI: 10.1007/978-3-540-78676-4_28

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