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Article: Public services, increasing returns, and equilibrium dynamics
Title | Public services, increasing returns, and equilibrium dynamics |
---|---|
Authors | |
Keywords | C62 Economic cycles H42 Increasing returns to scale Indeterminacy of equilibrium O41 Public services Self-fulfilling expectations |
Issue Date | 2000 |
Publisher | Elsevier 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? |
Abstract | This 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 Identifier | http://hdl.handle.net/10722/85590 |
ISSN | 2023 Impact Factor: 1.9 2023 SCImago Journal Rankings: 1.799 |
References |
DC Field | Value | Language |
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dc.contributor.author | Zhang, J | en_HK |
dc.date.accessioned | 2010-09-06T09:06:55Z | - |
dc.date.available | 2010-09-06T09:06:55Z | - |
dc.date.issued | 2000 | en_HK |
dc.identifier.citation | Journal Of Economic Dynamics And Control, 2000, v. 24 n. 2, p. 227-246 | en_HK |
dc.identifier.issn | 0165-1889 | en_HK |
dc.identifier.uri | http://hdl.handle.net/10722/85590 | - |
dc.description.abstract | This 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.language | eng | en_HK |
dc.publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jedc | en_HK |
dc.relation.ispartof | Journal of Economic Dynamics and Control | en_HK |
dc.rights | Journal of Economic Dynamics and Control. Copyright © Elsevier BV. | en_HK |
dc.subject | C62 | en_HK |
dc.subject | Economic cycles | en_HK |
dc.subject | H42 | en_HK |
dc.subject | Increasing returns to scale | en_HK |
dc.subject | Indeterminacy of equilibrium | en_HK |
dc.subject | O41 | en_HK |
dc.subject | Public services | en_HK |
dc.subject | Self-fulfilling expectations | en_HK |
dc.title | Public services, increasing returns, and equilibrium dynamics | en_HK |
dc.type | Article | en_HK |
dc.identifier.openurl | http://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+Dynamics | en_HK |
dc.identifier.email | Zhang, J: jjzhang@econ.hku.hk | en_HK |
dc.identifier.authority | Zhang, J=rp01124 | en_HK |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.scopus | eid_2-s2.0-0042123096 | en_HK |
dc.identifier.hkuros | 53866 | en_HK |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-0042123096&selection=ref&src=s&origin=recordpage | en_HK |
dc.identifier.volume | 24 | en_HK |
dc.identifier.issue | 2 | en_HK |
dc.identifier.spage | 227 | en_HK |
dc.identifier.epage | 246 | en_HK |
dc.publisher.place | Netherlands | en_HK |
dc.identifier.scopusauthorid | Zhang, J=55367373100 | en_HK |
dc.identifier.issnl | 0165-1889 | - |