Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/1309
Título: | Foreign trade and equilibrium indeterminacy |
Autor(es): | Conraria, Luís Aguiar Wen, Yi |
Palavras-chave: | Indeterminacy Factor imports Natural resources Capacity utilization Externality Returns to scale Open economy Sunspots Self-fulfilling expectations |
Data: | 2004 |
Relatório da Série N.º: | Working paper series / NIPE 5 |
Resumo(s): | Foreign Trade and Equilibrium Indeterminacy Abstract: We show that dependence of production on foreign inputs (or non-producible natural resources) can significantly increase the likelihood of indeterminacy. Payment of imported foreign factors of production may act as a semi-fixed cost, amplifying production externalities and returns to scale, making selffulfilling expectations driven busyness cycles easier to arise. This is demonstrated using a standard neoclassical growth model. Calibration exercise shows that the required increasing returns to scale can be reduced by as much as 64% based on estimated share of foreign inputs in production for OECD countries. |
Tipo: | Documento de trabalho |
URI: | https://hdl.handle.net/1822/1309 |
Acesso: | Acesso aberto |
Aparece nas coleções: | NIPE - Documentos de Trabalho |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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WP_NIPE_5_04.pdf | 588,31 kB | Adobe PDF | Ver/Abrir |