| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3622 |
| DP3622 Liberalizing a Distribution System: the European Car Market | |
| Frank Verboven; Randy Brenkers | |
| 发表日期 | 2002-10-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | It is well known that if there are mild sector-specific externalities, then the steady state of the standard two-sector real business cycle model can become locally indeterminate and endogenous business cycles can arise. We show that this result is not robust to the introduction of standard intertemporal capital adjustment costs, which may accrue when total capital is adjusted or when each sector?s capital is adjusted. We find for both forms of adjustment costs that the steady state is determinate for all empirically plausible parameter values. We also find that determinacy occurs for a much larger range of parameter values when adjusting each sector?s capital is costly. |
| 主题 | International Macroeconomics |
| 关键词 | Capital adjustment costs Determinacy Local indeterminacy Local stability Sector-specific externality |
| URL | https://cepr.org/publications/dp3622 |
| 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/532622 |
| 推荐引用方式 GB/T 7714 | Frank Verboven,Randy Brenkers. DP3622 Liberalizing a Distribution System: the European Car Market. 2002. |
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