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Indeterminacy in a dynamic two-country model

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  • Kazuo Nishimura
  • Koji Shimomura

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  • Kazuo Nishimura & Koji Shimomura, 2006. "Indeterminacy in a dynamic two-country model," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 29(2), pages 307-324, October.
    • Handle: RePEc:spr:joecth:v:29:y:2006:i:2:p:307-324
    DOI: 10.1007/s00199-005-0005-2
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    1. Eric W. Bond & Kathleen Trask & Ping Wang, 2003. "Factor Accumulation and Trade: Dynamic Comparative Advantage with Endogenous Physical and Human Capital," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(3), pages 1041-1060, August.
    2. Andrew Atkeson & Patrick J. Kehoe, 2000. "Paths of development for early- and late-bloomers in a dynamic Heckscher-Ohlin model," Staff Report 256, Federal Reserve Bank of Minneapolis.
    3. Jess Benhabib & Kazuo Nishimura, 2012. "Indeterminacy and Sunspots with Constant Returns," Springer Books, in: John Stachurski & Alain Venditti & Makoto Yano (ed.), Nonlinear Dynamics in Equilibrium Models, edition 127, chapter 0, pages 311-346, Springer.
    4. Benhabib, Jess & Farmer, Roger E.A., 1999. "Indeterminacy and sunspots in macroeconomics," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 6, pages 387-448, Elsevier.
    5. Yano, Makoto, 1984. "Competitive Equilibria on Turnpikes in a McKenzie Economy, I: A Neighborhood Turnpike Theorem," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 25(3), pages 695-717, October.
    6. Bewley, Truman, 1982. "An integration of equilibrium theory and turnpike theory," Journal of Mathematical Economics, Elsevier, vol. 10(2-3), pages 233-267, September.
    7. Mukul Majumdar & Tapan Mitra, 1995. "Patterns Of Trade And Growth Under Increasing Returns: Escape From The Poverty Trap," The Japanese Economic Review, Japanese Economic Association, vol. 46(3), pages 207-223, September.
    8. Nishimura, Kazuo & Shimomura, Koji, 2002. "Indeterminacy in a dynamic small open economy," Journal of Economic Dynamics and Control, Elsevier, vol. 27(2), pages 271-281, December.
    9. Christian Ghiglino & Marielle Olszak-Duquenne, 2001. "Inequalities and fluctuations in a dynamic general equilibrium model," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 17(1), pages 1-24.
    10. Kazuo Nishimura & Makoto Yano, 2012. "Interlinkage in the Endogenous Real Business Cycles of International Economies," Springer Books, in: John Stachurski & Alain Venditti & Makoto Yano (ed.), Nonlinear Dynamics in Equilibrium Models, edition 127, chapter 0, pages 97-124, Springer.
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    Citations

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    Cited by:

    1. Eric W. Bond & Kazumichi Iwasa & Kazuo Nishimura, 2012. "The dynamic Heckscher–Ohlin model: A diagrammatic analysis," International Journal of Economic Theory, The International Society for Economic Theory, vol. 8(2), pages 197-211, June.
    2. Takuma Kunieda & Kazuo Nishimura, 2023. "Capital Account Liberalization, Financial Frictions, and Belief-Driven Fluctuations," Discussion Paper Series 244, School of Economics, Kwansei Gakuin University.
    3. Naoki Yoshihara & Soh Kaneko, 2016. "On the Existence and Characterization of Unequal Exchange in the Free Trade Equilibrium," Metroeconomica, Wiley Blackwell, vol. 67(2), pages 210-241, May.
    4. Yoshihara, Naoki & Kwak, Se Ho, 2019. "Sraffian Indeterminacy in General Equilibrium Revisited," Discussion Paper Series 698, Institute of Economic Research, Hitotsubashi University.
    5. Kazuo Mino, 2009. "Preference Structure and Volatility in a Financially Integrated World," Springer Books, in: Takashi Kamihigashi & Laixun Zhao (ed.), International Trade and Economic Dynamics, pages 323-341, Springer.
    6. Mino, Kazuo, 2008. "Financial integration and volatility in a two-country world," MPRA Paper 16953, University Library of Munich, Germany.
    7. Kurose, Kazuhiro & Yoshihara, Naoki, 2016. "The Heckscher-Ohlin-Samuelson Model and the Cambridge Capital Controversies," UMASS Amherst Economics Working Papers 2016-05, University of Massachusetts Amherst, Department of Economics.
    8. Naoki Yoshihara & Se Ho Kwak, 2024. "Sraffian indeterminacy of steady‐state equilibria in the Walrasian general equilibrium framework," Metroeconomica, Wiley Blackwell, vol. 75(3), pages 377-395, July.
    9. Claustre Bajona & Timothy Kehoe, 2010. "Trade, Growth, and Convergence in a Dynamic Heckscher-Ohlin Model," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 13(3), pages 487-513, July.
    10. Yunfang Hu & Murray Kemp & Koji Shimomura, 2009. "A two-country dynamic Heckscher–Ohlin model with physical and human capital accumulation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 41(1), pages 67-84, October.
    11. Iwasa, Kazumichi & Kikuchi, Toru & Shimomura, Koji, 2007. "A Dynamic Chamberlin-Heckscher-Ohlin Model with Endogenous Time Preferences: A Note," MPRA Paper 4981, University Library of Munich, Germany.
    12. Nishimura, Kazuo & Venditti, Alain, 2010. "Indeterminacy and expectation-driven fluctuations with non-separable preferences," Mathematical Social Sciences, Elsevier, vol. 60(1), pages 46-56, July.
    13. Yunfang Hu & Kazuo Mino, 2009. "Financial Integration and Aggregate Stability," Discussion Papers in Economics and Business 09-01, Osaka University, Graduate School of Economics.
    14. Junko Doi & Kazumichi Iwasa & Koji Shimomura, 2012. "Giffen Behavior Independent of the Wealth Level," Lecture Notes in Economics and Mathematical Systems, in: Wim Heijman & Pierre Mouche (ed.), New Insights into the Theory of Giffen Goods, pages 105-126, Springer.
    15. Junko Doi & Kazumichi Iwasa & Koji Shimomura, 2006. "Indeterminacy in the free-trade world," Discussion Paper Series 187, Research Institute for Economics & Business Administration, Kobe University.
    16. Doi, Junko & Nishimura, Kazuo & Shimomura, Koji, 2007. "A two-country dynamic model of international trade and endogenous growth: Multiple balanced growth paths and stability," Journal of Mathematical Economics, Elsevier, vol. 43(3-4), pages 390-419, April.
    17. Been-Lon Chen & Shun-Fa Lee & Shimomura Koji, 2009. "Import Tariffs and Growth in a Model with Habits," Springer Books, in: Takashi Kamihigashi & Laixun Zhao (ed.), International Trade and Economic Dynamics, pages 299-322, Springer.
    18. Kazuhiro Kurose & Naoki Yoshihara, 2018. "The Heckscher—Ohlin—Samuelson Trade Theory and the Cambridge Capital Controversies: On the Validity of Factor Price Equalisation Theorem," Working Papers SDES-2018-17, Kochi University of Technology, School of Economics and Management, revised Nov 2018.
    19. Eric Bond & Kazumichi Iwasa & Kazuo Nishimura, 2011. "A dynamic two country Heckscher–Ohlin model with non-homothetic preferences," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 48(1), pages 171-204, September.
    20. Kurose, Kazuhiro & Yoshihara, Naoki, 2018. "The Heckscher—Ohlin—Samuelson Trade Theory and the Cambridge Capital Controversies: On the Validity of Factor Price Equalisation Theorem," Discussion Paper Series 686, Institute of Economic Research, Hitotsubashi University.

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    More about this item

    Keywords

    Indeterminacy; Two-country model; No distortion; E13; E32; F11; F43;
    All these keywords.

    JEL classification:

    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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