Trade and indeterminacy revisited
Trade and indeterminacy revisited
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重新审视贸易和不确定性
DOI：
10.1111/ijet.12205
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发表时间：
2018
影响因子：
0.5
通讯作者：
Yano Makoto
中科院分区：
文献类型：
--
作者：
Iwasa Kazumichi;Nishimura Kazuo;Yano Makoto
我们考虑具有生产外部性的动态两国贸易模型，强调全球不确定性的可能性，这意味着从长远来看，每个国家的资本存量分配取决于家庭的预期。开盘交易产生预期驱动的波动。即使自给自足稳态是两国的鞍点，全球不确定性也可能发生在自由贸易稳态周围，而当两国自给自足稳态周围发生局部不确定性时，也必然会发生这种情况。
We consider a dynamic two‐country model of trade with production externalities with an emphasis on the possibility of global indeterminacy, which means that the distribution of capital stocks in each country in the long run depends on households’ expectations. Opening trade yields expectation‐driven fluctuations. Global indeterminacy may occur around the free trade steady states even when the autarkic steady states are saddle points in both countries, and it must happen when local indeterminacy occurs around the autarkic steady states in both countries.