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Indeterminacy Under Constant Returns to Scale in Multisector Economies

  • Jess Benhabib
  • Qinglai Meng
  • Kazuo Nishimura
Chapter

Abstract

Recently there has been a renewed interest in indeterminacy, or alternatively put, in the existence of a continuum of equilibria in dynamic economies that exhibit some market imperfections. One of the primary concerns of this literature has been the empirical plausibility of indeterminacy, which arises in markets with external effects or with monopolistic competition, often coupled with some degree 10 of increasing returns.

Keywords

Constant Return Negative Real Part Negative Root Endogenous Growth Model Balance Growth Path 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag Berlin Heidelberg 2012

Authors and Affiliations

  1. 1.Department of EconomicsNew York UniversityNew YorkUSA
  2. 2.Department of EconomicsOregon State UniversityCorvallisUSA
  3. 3.Institute of Economic ResearchKyoto UniversityKyotoJapan

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