Indeterminacy with Non-Separable Utility

Rosalind Bennett and Roger Farmer

Economics Working Papers from European University Institute

Abstract: Benhabib and Farmer [3] showed that a single sector growth model in the presence of increasing returns-to-scale may display an indeterminate equilibrium if the demand and supply curves cross with the "wrong slopes". We generalize their result to a model with preferences that are non-separable in consumption and leisure.

Keywords: ECONOMIC GROWTH; ECONOMIC MODELS (search for similar items in EconPapers)
JEL-codes: C50 O40 (search for similar items in EconPapers)
Pages: 28 pages
Date: 1999
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Citations: View citations in EconPapers (10)

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Journal Article: Indeterminacy with Non-separable Utility (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:eui:euiwps:eco99/34

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