Indeterminacy and Increasing Returns
Indeterminacy and Increasing Returns
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不确定性和收益递增
DOI：
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发表时间：
1994
期刊：
影响因子：
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通讯作者：
R. Farmer
中科院分区：
文献类型：
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作者：
J. Benhabib;R. Farmer
本文研究了在两种能够协调总收益递增与企业竞争行为的组织结构下，单部门收益递增增长模型的性质。第一个问题涉及投入外部性；第二个问题涉及垄断竞争。我们表明，对于与最近关于真实商业周期的文献密切一致的参数，该模型显示出一种不确定的稳定状态，可以利用该状态来生成由自我实现信念驱动的商业波动模型。在我们的第一类模型中，增长是由要素生产率的外生增长产生的。在第二类中，资本的边际产出足够大，可以实现内生增长。经济文献分类号：E00， E3, O40。
We investigate properties of the one-sector growth model with increasing returns under two organizational structures capable of reconciling the existence of aggregate increasing returns with competitive behavior by firms. The first involves input externalities; the second involves monopolistic competition. We show, for parameters in close accord with recent literature on real business cycles, that the model displays an indeterminate steady state that can be exploited to generate a model of business fluctuations driven by self-fulfilling beliefs. In our first class of models, growth is generated by exogenous increases in factor productivity. In the second class the marginal product of capital is large enough for endogenous growth. Journal of Economic Literature Classification Numbers: E00, E3, O40.