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Title:Indeterminacy in the small open economy Ramsey growth model PDF Logo
Authors:Weder, Mark
Issue Date:1999
Series/Report no.:Discussion Papers, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes 1999,30
Abstract:This paper constructs a small open economy version of the two sector Benhabib-Farmer (1996) indeterminacy model. It can be shown that sunspot equilibria arise at significantly lower magnitude of increasing returns to scale than in the original dosed economy model. Furthermore, if a mix of externalities across sectors is admitted, indeterminacy can be obtained even with decreasing aggregate returns to scale.
Persistent Identifier of the first edition:urn:nbn:de:kobv:11-10056293
Document Type:Working Paper
Appears in Collections:Discussion Papers, SFB 373, HU Berlin

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