| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3423 |
| 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 |
| URL | https://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。 | |||||
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