Market imperfections and the instability of open economies
Market imperfections and the instability of open economies
复制标题
市场不完善和开放经济的不稳定
DOI：
10.1016/j.jinteco.2003.08.001
复制
发表时间：
2004
影响因子：
3.3
通讯作者：
A. Velasco
中科院分区：
文献类型：
--
作者：
Qinglai Meng;A. Velasco
在存在小市场缺陷的情况下，开放经济的过渡动态可能变得不确定，因为存在无限多的均衡路径汇聚到一个唯一的稳定状态。与封闭经济模型相反，在开放经济中，这种不确定性可以独立于消费效用函数的曲率而产生。研究结果表明，在市场不完善的情况下，开放经济体可能会受到与经济基本面无关的随机性造成的波动的影响。
In the presence of small market imperfections, the transitional dynamics of an open economy can become indeterminate, in that there exist an infinite number of equilibrium paths converging to a unique steady state. In contrast to closed economy models, in the open economy, such indeterminacy can arise independently of the curvature of the utility function in consumption. The results suggest that with market imperfections, open economies can be subject to fluctuations caused by randomness unrelated to the economy's fundamentals.