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Aggregate Fluctuations with National and International Returns to Scale

✍ Scribed by Allen C. Head


Book ID
108563860
Publisher
John Wiley and Sons
Year
2002
Tongue
English
Weight
181 KB
Volume
43
Category
Article
ISSN
0020-6598

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In this paper we study the e!ects of opening an economy, with increasing returns in the production of nontraded goods, on the existence of multiple Pareto-ranked stationary equilibria, local indeterminacy and bifurcations. We consider a standard overlapping generation model of a small open economy,