Endogenous time preference, consumption externalities, and trade: multiple steady states and indeterminacy
Endogenous time preference, consumption externalities, and trade: multiple steady states and indeterminacy
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内生时间偏好、消费外部性和贸易：多重稳态和不确定性
DOI：
10.1007/s00712-018-0614-4
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发表时间：
2019
影响因子：
1.7
通讯作者：
Akihiko Yanase and Yukio Karasawa-Ohtashiro
中科院分区：
文献类型：
--
作者：
辻隆司;大木良子;Kenji Kondoh;辻隆司;Kenji Kondoh;Akifumi Ishihara and Noriyuki Yanagawa;Kenji Kondoh;Kenji Kondoh;Susumu Cato and Akifumi Ishihara;Kenji Kondoh;Akifumi Ishihara and Shintaro Miura;Akihiko Yanase and Yukio Karasawa-Ohtashiro
本文建立了一个考虑资本积累的两部门动态一般均衡模型，讨论了封闭和小型开放经济中内生时间偏好和消费外部性的作用。虽然经济在自给自足下有一个独特的鞍点稳定的稳态，但在边际不耐烦递减的自由贸易下（即，家庭的贴现率是其消费的递减函数），则可能存在多个稳态和均衡路径的不确定性。具体地说，如果边际不耐烦递减的程度足够大，并且个人的偏好表现出钦佩，则多样化生产的动态均衡可能变得不确定。我们还分析了经济的长期贸易模式及其与不确定性的关系。
This study presents a two-sector dynamic general equilibrium model with capital accumulation and discusses the role of endogenous time preference and consumption externalities in closed and small open economies. While the economy has a unique and saddle-point stable steady state under autarky, under free trade with decreasing marginal impatience (i.e., a household’s discount rate is a decreasing function of its consumption), there might exist multiple steady states and indeterminacy of equilibrium paths. Specifically, if the degree of decreasing marginal impatience is sufficiently large and individuals’ preferences exhibit admiration, the dynamic equilibria with diversified production might become indeterminate. We also analyze the economy’s long-run trade pattern and its relationship with indeterminacy.