Titlebook: ;

legitimate

绿州

Susanne Fries M.D.,Tilo Grosser M.D.m determinacy, the economy never fluctuates in response to non-fundamental shocks that only affect expatiations of households and firms. As discussed in the previous chapter, the necessary condition for the existence of sunspot-driven business cycles is that the equilibrium path of the economy is indeterminate.

似少年

https://doi.org/10.1007/1-4020-5138-7 the difference in the indeterminacy conditions between open economies and their closed economy counterparts. We first discuss small open economies and then explore the world economy consisting of two large countries.

Accede

切割

Growth Models with Multiple Steady States,This chapter examines growth models in which there are multiple steady states. This class of models can explain why two countries with similar initial conditions sometimes display very different patterns of growth and development.

Friction

Growth and Business Cycles with Equilibrium Indeterminacy978-4-431-55609-1Series ISSN 2197-8859 Series E-ISSN 2197-8867

大厅

Introduction,examples. One is a univariable rational expectations model of asset price determination. The other is a general equilibrium model of monetary economy. When discussing both examples, we classify the models into three categories: the steady state of the model economy is (i) unique, (ii) multiple, and

hangdog

弄污

Indeterminacy in Endogenous Growth Models,t there is no market distortion and that every production factor is reproducible under constant returns to scale technologies. In this class of models, the perfect-foresight competitive equilibrium coincides with the optimal growth path of a social planning problem, so that equilibrium indeterminacy

Foregery