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Multiple Equilibria in a Dynamic Two Country Model

Kazumichi Iwasa and Kazuo Nishimura

in Dimensions of Economic Theory and Policy: Essays for Anjan Mukherji

Published in print:
2011
Published Online:
September 2012
ISBN:
9780198073970
eISBN:
9780199081615
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198073970.003.0005
Subject:
Economics and Finance, Microeconomics

Some market distortional factors such as factor-generated externalities and imperfect competition can give rise to multiple equilibrium paths, or indeterminacy, in dynamic general equilibrium models. ... More


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