Indeterminacy and investment adjustment costs
Indeterminacy and investment adjustment costs
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不确定性和投资调整成本
DOI：
10.17016/feds.1998.38
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发表时间：
1998
期刊：
影响因子：
--
通讯作者：
Jinill Kim
中科院分区：
文献类型：
--
作者：
Jinill Kim
众所周知，具有足够的生产报酬递增的新古典增长模型可能具有不确定的稳态。本说明说明了投资调整成本如何增加产生不确定性所需的收益递增程度。我们还认为，特定部门的外部性在观察上相当于负调整成本。众所周知，具有足够的生产报酬递增的新古典增长模型可能具有不确定的稳态。本说明说明了投资调整成本如何增加产生不确定性所需的收益递增程度。我们还认为，特定部门的外部性在观察上相当于负调整成本。
It is widely known that a neoclassical growth model with sufficient increasing returns to production may feature an indeterminate steady state. This note shows how investment adjustment costs increase the degree of increasing returns required for indeterminacy to arise. We also argue that sector-specific externalities are observationally equivalent to negative adjustment costs. It is widely known that a neoclassical growth model with sufficient increasing returns to production may feature an indeterminate steady state. This note shows how investment adjustment costs increase the degree of increasing returns required for indeterminacy to arise. We also argue that sector-specific externalities are observationally equivalent to negative adjustment costs.