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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/75150


    Title: A note on indeterminacy and investment adjustment costs in an endogenously growing small open economy
    Authors: Chin, Chin C.-T.;Guo, J.-T.;Lai, Ching-Chong
    賴景昌
    Contributors: 經濟系
    Date: 2012
    Issue Date: 2015-05-14 17:39:11 (UTC+8)
    Abstract: This note analytically examines the interrelations between macroeconomic (in)stability and investment adjustment costs in a one-sector endogenously growing small-open economy representative-agent model. We show that under costly capital accumulation, the economy exhibits indeterminacy and sunspots if and only if the equilibrium wage-hours locus slopes upward and is steeper than the household's labor supply curve. By contrast, the economy without adjustment costs for capital investment always displays saddlepath stability and equilibrium uniqueness, regardless of the degree of increasing returns inaggregate production. Copyright © 2012 Cambridge University Press.
    Relation: Macroeconomic Dynamics, 16(S3), 438-450
    Data Type: article
    DOI link: http://dx.doi.org/10.1017/S1365100510000969
    DOI: 10.1017/S1365100510000969
    Appears in Collections:[Department of Economics] Periodical Articles

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