Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/59513 
Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
Working Paper No. 107
Verlag: 
Universität Leipzig, Wirtschaftswissenschaftliche Fakultät, Leipzig
Zusammenfassung: 
What are the dynamic consequences of comprehensive integration shocks? The answer to this question appears all but trivial. We set up a dynamic macroeconomic model of a small open economy where both capital and labor are mobile and there are increasing returns to scale at the aggregate level. The model features multiple equilibria as well as (local and global) indeterminacy. Hence, expectations matter for resulting equilibrium dynamics. Despite its simplicity, the model creates a rich set of plausible implications. Our analysis contributes to a better understanding of the interaction between expectations and fundamentals in models with indeterminacy. The model is applied to replicate two striking empirical characteristics of macroeconomic development in East Germany since 1991.
Schlagwörter: 
Increasing returns to scale
Capital mobility
Migration
Multiple equilibria
Indeterminacy
History vs. expectations
JEL: 
D90
F20
O10
Dokumentart: 
Working Paper

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