| 题名: | Congestible public goods and local indeterminacy: A two-sector endogenous growth model |
| 作者: | Chen, Been-Lon
Lee, Shun-Fa |
| 贡献者: | 經濟系 |
| 关键词: | two-sector model
congestible public good
indeterminacy |
| 日期: | 2007 |
| 上传时间: | 2009-11-13 13:44:43 (UTC+8) |
| 摘要: | This paper shows that the congestible public goods can generate local indeterminacy in a two-sector, constant-return human capital enhanced growth model. While the productive public good exerts positive sector-specific externalities, the congestion effect generates negative aggregate externalities. The sector-specific externalities alone arising from productive public goods cannot establish local indeterminacy without the combination of negative externality in a model with social constant return technology. Congestible public good generates local indeterminacy if the degree of productive public good externality and the degree of congestion effect are large enough. The condition for indeterminacy is independent of the factor intensity rankings. The conditions are quantitatively assessed and the required parameter values for the degrees of public good externality and congestion are consistent with the estimated values in existing literature. (C) 2006 Elsevier B.V. All rights reserved. |
| 關聯: | JOURNAL OF ECONOMIC DYNAMICS & CONTROL Volume: 31 Issue: 7 Pages: 2486-2518 |
| 显示于类别: | [Department of Economics & Graduate Institute of Economics ] journal articles
|
