Consumption Externalities, Production Externalities and Indeterminacy
Consumption Externalities, Production Externalities and Indeterminacy
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消费外部性、生产外部性和不确定性
DOI：
10.1111/1467-999x.00099
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发表时间：
2000
期刊：
影响因子：
1.3
通讯作者：
M. Weder
中科院分区：
文献类型：
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作者：
M. Weder
在本文中，我们表明，消费外部性降低了在两部门最优增长模型中产生不确定性所需的收益递增程度。在均衡状态下，消费外部性的运作就好像效用函数是（接近）线性的。如果这些外部性很强，则最低必要的递增收益接近于零。因此，本文以一种程式化的方式提供了一个例子，说明微观行为（即家庭层面的互动）如何产生总体不稳定。消费外部性还有助于消除两部门模型中消费的反事实周期性行为。
In this paper we show that consumption externalities reduce the degree of increasing returns needed to generate indeterminacy in a two-sector optimal growth model. In equilibrium, consumption externalities operate as if the utility function is (close to) linear. If these externalities are strong, the minimum necessary increasing returns approach zero. Therefore, this paper-in a stylized fashion-provides an example of how microbehavior, i.e. interactions at the household level, can generate aggregate instability. Consumption externalities also help to eliminate the counterfactual cyclical behavior of consumption in the two-sector model.