Advances in Mathematical Economics. Vol, 10 - download pdf or read online

By S. Kusuoka, A. Yamazaki

ISBN-10: 4431727337

ISBN-13: 9784431727330

Loads of financial difficulties can formulated as restricted optimizations and equilibration in their suggestions. numerous mathematical theories were offering economists with imperative machineries for those difficulties bobbing up in fiscal concept. Conversely, mathematicians were influenced via numerous mathematical problems raised through monetary theories. The sequence is designed to assemble these mathematicians who have been heavily drawn to getting new not easy stimuli from monetary theories with these economists who're looking for powerful mathematical instruments for his or her researchers.

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Takahashi Xn+\=Jrn^n. « = 1, 2, . . 2) where {r„} c (0, oo)andyr = (Z+rJ)"^ forallr > 0. This algorithm was first introduced by Martinet [5]. 1). Motivated by Rockafellar's result, Kamimura and Takahashi [6] proved the following two convergence theorems. 1 ([6]). Let H be a Hilbert space and letT c H x H be a maximal monotone operator. Let Jr — {I -\- rT)~^ for all r > 0 and let {xn} be a sequence defined as follows: x\ = x e H and Xn-\-\ = OinXn + (1 - an)^r„^Ai, « = 1, 2, . . , where {an\ C [0, 1] and {r^} C (0, oo) satisfy limsupa„ < 1 and liminf r^ > 0.

The aim of this paper is to discuss the role of the elasticity of capital-labor substitution on the local determinacy properties of the steady state in a two-sector economy with CES technologies and sector-specific externalities. Key words: sector-specific externalities, constant returns, capital-labor substitution, indeterminacy. 1. Introduction Recently, a large number of papers have established the fact that locally indeterminate equilibria and sunspots fluctuations easily arise within two-sector infinite-horizon growth models with sector specific external effects in production and linear preferences.

Shimomura and an anonymous referee for useful comments and suggestions. ^ See Benhabib and Farmer [1]. -P. Gamier et al. good has indeed to be capital intensive from the private perspective but labor intensive from the social perspective. When CES technologies are introduced, a much larger set of configurations is compatible with local indeterminacy. In particular, Leontief or Unear technologies for the consumption good sector may be considered. Therefore, we will consider CES technologies in a continuous-time model and provide a complete analysis of the local determinacy properties of equilibria.

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Advances in Mathematical Economics. Vol, 10 by S. Kusuoka, A. Yamazaki

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