File Download

There are no files associated with this item.

  Links for fulltext
     (May Require Subscription)
Supplementary

Article: Public services, increasing returns, and equilibrium dynamics

TitlePublic services, increasing returns, and equilibrium dynamics
Authors
KeywordsC62
Economic cycles
H42
Increasing returns to scale
Indeterminacy of equilibrium
O41
Public services
Self-fulfilling expectations
Issue Date2000
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jedc
Citation
Journal Of Economic Dynamics And Control, 2000, v. 24 n. 2, p. 227-246 How to Cite?
AbstractThis paper is concerned with casting off the standard assumption - the production function displays socially constant returns to scale - in a simple growth model with public inputs. In the model, public services work as a source of utility and as an input to production. Making use of the global bifurcation technique, we show that the model can generate a whole spectrum of interesting dynamics, which do not arise with constant returns. Specifically, when increasing returns are not exceedingly strong, not only does an indeterminate steady state take place, but also there exist divergent perfect foresight paths in expanding oscillations and economic cycles. The role of history and expectations in shaping equilibrium is also considered.
Persistent Identifierhttp://hdl.handle.net/10722/85590
ISSN
2015 Impact Factor: 0.879
2015 SCImago Journal Rankings: 0.937
References

 

DC FieldValueLanguage
dc.contributor.authorZhang, Jen_HK
dc.date.accessioned2010-09-06T09:06:55Z-
dc.date.available2010-09-06T09:06:55Z-
dc.date.issued2000en_HK
dc.identifier.citationJournal Of Economic Dynamics And Control, 2000, v. 24 n. 2, p. 227-246en_HK
dc.identifier.issn0165-1889en_HK
dc.identifier.urihttp://hdl.handle.net/10722/85590-
dc.description.abstractThis paper is concerned with casting off the standard assumption - the production function displays socially constant returns to scale - in a simple growth model with public inputs. In the model, public services work as a source of utility and as an input to production. Making use of the global bifurcation technique, we show that the model can generate a whole spectrum of interesting dynamics, which do not arise with constant returns. Specifically, when increasing returns are not exceedingly strong, not only does an indeterminate steady state take place, but also there exist divergent perfect foresight paths in expanding oscillations and economic cycles. The role of history and expectations in shaping equilibrium is also considered.en_HK
dc.languageengen_HK
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jedcen_HK
dc.relation.ispartofJournal of Economic Dynamics and Controlen_HK
dc.rightsJournal of Economic Dynamics and Control. Copyright © Elsevier BV.en_HK
dc.subjectC62en_HK
dc.subjectEconomic cyclesen_HK
dc.subjectH42en_HK
dc.subjectIncreasing returns to scaleen_HK
dc.subjectIndeterminacy of equilibriumen_HK
dc.subjectO41en_HK
dc.subjectPublic servicesen_HK
dc.subjectSelf-fulfilling expectationsen_HK
dc.titlePublic services, increasing returns, and equilibrium dynamicsen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0165-1889&volume=24&spage=227&epage=246&date=2000&atitle=Public+Services,+Increasing+Returns,+and+Equilibrium+Dynamicsen_HK
dc.identifier.emailZhang, J: jjzhang@econ.hku.hken_HK
dc.identifier.authorityZhang, J=rp01124en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.scopuseid_2-s2.0-0042123096en_HK
dc.identifier.hkuros53866en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0042123096&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume24en_HK
dc.identifier.issue2en_HK
dc.identifier.spage227en_HK
dc.identifier.epage246en_HK
dc.publisher.placeNetherlandsen_HK
dc.identifier.scopusauthoridZhang, J=55367373100en_HK

Export via OAI-PMH Interface in XML Formats


OR


Export to Other Non-XML Formats