Global Externalities, Endogenous Growth and Sunspot Fluctuations

Kazuo Nishimura, Harutaka Takahashi and Alain Venditti

Chapter Chapter 17 in Nonlinear Dynamics in Equilibrium Models, 2012, pp 413-425 from Springer

Abstract: Abstract Over the last decade, a large literature has focussed on the existence of local indeterminacy, i.e. a continuum of equilibrium paths converging toward a steady state, and sunspot fluctuations in endogenous growth models. These studies provide a possible explanation of the facts that economic growth rates are volatile over time and dispersed across countries. Within infinite-horizon two-sector models, the occurrence of multiple equilibrium paths is related to the existence of market imperfections such that productive externalities.

Keywords: Endogenous Growth; Consumption Good; Equilibrium Path; Balance Growth; Endogenous Growth Model (search for similar items in EconPapers)
Date: 2012
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Working Paper: Global Externalities, Endogenous Growth and Sunspot fluctuations (2008)
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DOI: 10.1007/978-3-642-22397-6_17

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