财税论坛

【财税论坛】2010年第七期讲座预告

时间:2010-10-09

报告题目:Indeterminacy and E-Stability in Real Business Cycle Models with Factor-Generated Externalities

时 间:2010年10月13日星期三 12:00 – 14:00

地 点:明德主楼610

报 告 人:薛涧坡

主要内容:This paper provides a solution to the stability puzzle (Evans and McGough, 2005): indeterminacy almost always implies expectational unstability in reduced-form real business cycle (RBC) models. After relaxing the restrictions on the magnitude of capital externalities with Cobb-Douglas technology, we find regions for joint indeterminacy and E-stability in the following cases that i) the felicity function is separable in consumption and leisure and there are negative capital externalities; and ii) the felicity function is non-separable and the social elasticity of production with respect to capital exceeds one. We further show that with the general utility function, a necessary condition for joint indeterminacy and E-stability is that the labor-demand curve is upward-sloping and steeper than the Frisch labor-supply curve.

中国人民大学财政金融学院

2010-10-9

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