G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3622
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
URLhttps://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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