Welfare Implications and Equilibrium Indeterminacy in a Two-sector Growth Model with Consumption Externalities
2013/09/17
研討會日期 : 2013-09-17
時間 : 14:30
主講人 : Professor Yu-Shan Hsu
地點 : Conference Room C103
演講者簡介 : Yu-Shan Hsu received her Ph.D. in Economics from National Taiwan University in 2009. She is currently Assistant Professor of Economics at National Chung Cheng University. Her research fields are economic growth, monetary economics and economic dynamics.
演講摘要 : In one-sector neoclassical growth models, consumption externalities lead to an inefficient allocation in a steady state and indeterminate equilibrium toward a steady state only if there is a labor-leisure tradeoff. This paper shows that in a two-sector neoclassical growth model, even without a labor-leisure tradeoff, consumption spillovers easily lead to an inefficient allocation in a steady state and indeterminate equilibrium toward a steady state. Negative consumption spillovers that yield over-accumulation of capital in a one-sector model may lead to under-accumulation or an over-accumulation of capital in two-sector models depending on the relative capital intensity between sectors. Moreover, a two-sector model economy with consumption externalities is less stabilized than an otherwise identical one-sector model economy.
