A NOTE ON INDETERMINACY AND INVESTMENT ADJUSTMENT COSTS IN AN ENDOGENOUSLY GROWING SMALL OPEN ECONOMY

Chi-Ting Chin; Jang-Ting Guo; Ching-Chong Lai

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A NOTE ON INDETERMINACY AND INVESTMENT ADJUSTMENT COSTS IN AN ENDOGENOUSLY GROWING SMALL OPEN ECONOMY

机译：关于内生型小开放经济中不确定性和投资调整成本的说明

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摘要

This note analytically examines the interrelations between macroeconomic (in)stability and investment adjustment costs in a one-sector endogenously growing small-open economy representative-agent model. We show that under costly capital accumulation, the economy exhibits indeterminacy and sunspots if and only if the equilibrium wage-hours locus slopes upward and is steeper than the household's labor supply curve. By contrast, the economy without adjustment costs for capital investment always displays saddlepath stability and equilibrium uniqueness, regardless of the degree of increasing returns in aggregate production.

机译：本说明在一个部门内生增长的小开放经济代表-代理模型中分析性地考察了宏观经济（不稳定）与投资调整成本之间的相互关系。我们表明，在昂贵的资本积累下，当且仅当均衡工资小时轨迹朝上倾斜并且比家庭的劳动力供给曲线更陡峭时，经济才会显示不确定性和黑子。相比之下，不考虑资本投资调整成本的经济总是显示鞍形路径的稳定性和均衡性的独特性，而与总生产收益的增加程度无关。

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来源
《Macroeconomic dynamics》 |2012年第3期|438-450|共13页
作者
Chi-Ting Chin; Jang-Ting Guo; Ching-Chong Lai;
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作者单位

Ming Chuan University;

Department of Economics, University of California, Riverside, Riverside, CA 92521-0427, USA;

Institute of Economics, Academia Sinica and National Chengchi University;

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原文格式 PDF
正文语种 eng
中图分类
关键词
indeterminacy; investment adjustment costs; endogenous growth; small open economy;

机译：不确定性投资调整费用;内生生长小开放经济;

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A NOTE ON INDETERMINACY AND INVESTMENT ADJUSTMENT COSTS IN AN ENDOGENOUSLY GROWING SMALL OPEN ECONOMY

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