G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3423
DP3423 Fair Wages in a New Keynesian Model of the Business Cycle
Jean-Pierre Danthine; Andre Kurmann
发表日期2002-06-20
出版年2002
语种英语
摘要This Paper explores the local stability properties of the steady state in the two-sector neo-classical growth model with sector?specific externalities. We show analytically that capital adjustment costs of any size preclude local indeterminacy nearby the steady state for every empirically plausible specification of the model parameters. More specifically, we show that when capital adjustment costs of any size are considered, a necessary condition for local indeterminacy is an upward-sloping labour demand curve in the capital-producing sector, which in turn requires an implausibly strong externality. We show numerically that capital adjustment costs of plausible size imply determinacy nearby the steady state for empirically plausible specifications of the other model parameters. These findings contrast sharply with the previous finding that local indeterminacy occurs in the two-sector model for a wide range of plausible parameter values when capital adjustment costs are abstracted from.
主题International Macroeconomics
关键词Capital adjustment costs Determinacy Externality Local indeterminacy Stability
URLhttps://cepr.org/publications/dp3423
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/532442
推荐引用方式
GB/T 7714
Jean-Pierre Danthine,Andre Kurmann. DP3423 Fair Wages in a New Keynesian Model of the Business Cycle. 2002.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Jean-Pierre Danthine]的文章
[Andre Kurmann]的文章
百度学术
百度学术中相似的文章
[Jean-Pierre Danthine]的文章
[Andre Kurmann]的文章
必应学术
必应学术中相似的文章
[Jean-Pierre Danthine]的文章
[Andre Kurmann]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。