Advances in Mathematical Economics. Vol, 10 - download pdf or read online

By S. Kusuoka, A. Yamazaki

ISBN-10: 4431727337

ISBN-13: 9784431727330

Loads of monetary difficulties can formulated as limited optimizations and equilibration in their suggestions. a variety of mathematical theories were providing economists with critical machineries for those difficulties coming up in fiscal idea. Conversely, mathematicians were influenced through quite a few mathematical problems raised by way of monetary theories. The sequence is designed to compile these mathematicians who have been heavily attracted to getting new tough stimuli from monetary theories with these economists who're looking for powerful mathematical instruments for his or her researchers.

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Extra resources for Advances in Mathematical Economics. Vol, 10

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Shimomura and an anonymous referee for useful comments and suggestions. ^ See Benhabib and Farmer [1]. -P. Gamier et al. good has indeed to be capital intensive from the private perspective but labor intensive from the social perspective. When CES technologies are introduced, a much larger set of configurations is compatible with local indeterminacy. In particular, Leontief or Unear technologies for the consumption good sector may be considered. Therefore, we will consider CES technologies in a continuous-time model and provide a complete analysis of the local determinacy properties of equilibria.

We get p^ > p}. Capital-labor substitution and indeterminacy 49 Therefore, we conclude from points (a)-(d) that local indeterminacy occurs in the following cases: (i) for any given po ^ (PQ' ^^^{Po^ Po^) and pi e (Pj, pi) with p^ e (ii) (pi, po) and px= p\ e (0, po]; for any given po > max{p(J, p^} and pi > p^ with p^ = p} e (0, po). n References 1. : Indeterminacy and sunspots in macroeconomics. , Woodford, M. (eds) Handbook of Macroeconomics. Amsterdam NorthHolland pp. 387^48 (1999) 2. : Indeterminacy and sunspots with constant returns.

Let Assumption 1 hold. At the steady state: (i) the consumption good is capital (labor) intensive from the private perspective if and only if Pl(l+PO) j _ +P0 ^00^11/ (ii) ^01 the consumption good is quasi capital (labor) intensive from the social perspective if and only if \ Pl(l+P0) <(>)0 J (iii) the consumption good is capital (labor) intensive from the social perspective if and only if P\-PO p\ < (>)0. V ^00^11/ I h\ / The following proposition estabhshes that local indeterminacy requires a capital intensity reversal from the private input coefficients to the quasi-input coefficients.

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Advances in Mathematical Economics. Vol, 10 by S. Kusuoka, A. Yamazaki


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