LOCAL EXTERNALITIES, CONVEX ADJUSTMENT COSTS, AND SUNSPOT EQUILIBRIA

被引:1
作者
GALI, J
机构
[1] Graduate School of Business, Columbia University, New York
关键词
D O I
10.1006/jeth.1994.1065
中图分类号
F [经济];
学科分类号
02 ;
摘要
We study the possibility of random changes in the allocation of resources among regions/sectors in the presence of local productive externalities, in an environment without intrinsic uncertainty. We show that ''positive'' externalities over some range of activity are a necessary condition for existence of such sunspot equilibria. For the two-state sunspot case, we derive sufficient conditions for existence of sunspot equilibria, in terms of the properties of adjustment costs, private technologies, and externalities.
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页码:242 / 252
页数:11
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