Indeterminacy with Small Externalities: The Role of Non-Separable Preferences
Indeterminacy with Small Externalities: The Role of Non-Separable Preferences
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小外部性的不确定性：不可分离偏好的作用
DOI：
10.1111/j.1742-7363.2006.0034.x
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发表时间：
2006
期刊：
影响因子：
--
通讯作者：
A. Venditti
中科院分区：
文献类型：
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作者：
Teresa Lloyd;C. Nourry;A. Venditti
本文考虑具有不可分离的相似偏好、内生劳动力以及平均资本和劳动力产生的生产性外部效应的拉姆齐一部门模型。我们表明，不确定性不可能出现时，只有资本的外部性，但它会时，只有劳动力的外部影响。我们证明，太阳黑子的波动是完全一致的小市场缺陷和现实的资本-劳动力替代弹性（包括柯布-道格拉斯规范）的校准提供的消费的跨期替代弹性和劳动力供给弹性足够大。
In this paper we consider a Ramsey one-sector model with non-separable homothetic preferences, endogenous labour and productive external effects arising from average capital and labour. We show that indeterminacy cannot arise when there are only capital externalities but that it does when there are only labour external effects. We prove that sunspot fluctuations are fully consistent with small market imperfections and realistic calibrations for the elasticity of capital-labour substitution (including the Cobb-Douglas specification) provided the elasticity of intertemporal substitution in consumption and the elasticity of the labour supply are large enough.