On the dual stability of a von Neumann facet and the inefficacy of temporary fiscal policy

Econometrica

Volumn 66, Issue 2, 1998, Pages 427-451

  Yano, Makoto ^a  

^a NONE

Author keywords

Dynamic general equilibrium; Fiscal policy; Stability; Turnpike theorem; Von Neumann facet

Indexed keywords

EID: 0007137359     PISSN: 00129682     EISSN: None     Source Type: Journal    
DOI: 10.2307/2998565     Document Type: Article

References (25)

1. ATSUMI, H. (1965): "Neoclassical Growth and the Efficient Program of Capital Accumulation," Review of Economic Studies, 32, 127-136.
2. BECKER, R. (1980): "On the Long-Run Steady State in a Simple Dynamic Model of Equilibrium with Heterogeneous Households," Quarterly Journal of Economics, 95, 375-382.
3. BEWLEY, T. (1972): "Existence of Equilibria in Economies with Infinitely Many Commodities," Journal of Economic Theory, 4, 514-540.
4. _ (1982): "An Integration of Equilibrium Theory and Turnpike Theory," Journal of Mathematical Economics, 10, 233-267.
5. BROCK, W., AND J. SCHEINKMAN (1976): "Global Asymptotic Stability of Optimal Growth with Applications to the Theory of Economic Growth," Journal of Economic Theory, 12, 164-190.
6. CASS, D., AND K. SHELL (1976): "The Structure and Stability of Competitive Dynamic Systems," Journal of Economic Theory, 12, 31-70.
7. COLES, J. (1985): "Equilibrium Turnpike Theory with Constant Returns to Scale and Possibly Heterogeneous Discount Factors," International Economic Review, 26, 671-680.
8. GALE, D. (1967): "On Optimal Development in a Multi-Sector Economy," Review of Economic Studies, 34, 1-18.
9. LUCAS, R., AND N. STOKEY (1984): "Optimal Growth with Many Consumers," Journal of Economic Theory, 32, 139-171.
10. MARIMON, R. (1989): "Stochastic Turnpike Property and Stationary Equilibrium," Journal of Economic Theory, 47, 282-306.
11. MCKENZIE, L. (1959): "On the Existence of General Equilibrium for a Competitive Market," Econometrica, 27, 54-71.
12. _ (1968): "Accumulation Programs of Maximum Utility and the von Neumann Facet," in Value, Capital and Growth, ed. by J. N. Wolfe. Edinburgh: Edinburgh University Press.
13. _ (1980): "The Classical Theorems on Existence of Competitive Equilibrium," Econometrica, 49, 819-842.
14. _ (1983): "Turnpike Theory, Discounted Utility, and the von Neumann Facet," Journal of Economic Theory, 30, 30-52.
15. _ (1987): "Turnpike Theory," The New Palgrave: A Dictionary of Economics, ed. by J. Eatwell, M. Milgate, and P. Newman. London: Macmillan Press, 712-720.
16. NEGISHI, T. (1960): "Welfare Economics and Existence of an Equilibrium for Competitive Economy," Metroeconomica, 12, 92-97.
17. NISHIMURA, K., AND M. YANO (1995): "Nonlinear Dynamics and Chaos in Optimal Growth: An Example," Econometrica, 63, 981-1001.
18. RADNER, R. (1961): "Paths of Economic Growth that are Optimal with Regard Only to Final States," Renew of Economic Studies, 28, 98-104.
19. RUDIN, W. (1976): Principle of Mathematical Analysis. London: McGraw-Hill.
20. SCHEINKMAN, J. (1976): "On Optimal Steady States of n-Sector Growth Models when Utility is Discounted," Journal of Economic Theory, 12, 11-20.
21. TAKAHASHI, H. (1985): "Characterization of Optimal Path in Infinite Economies," Ph.D. Dissertation, University of Rochester.
22. YANO, M. (1984a): "Competitive Equilibria on Turnpikes in a McKenzie Economy, I: A Neighborhood Turnpike Theorem," International Economic Review, 25, 695-717.
23. _ (1984b): "The Turnpike of Dynamic General Equilibrium Paths and its Insensitivity to Initial Conditions," Journal of Mathematical Economics, 13, 235-254.
24. _ (1990): "von Neumann Facets and the Dynamic Stability of Perfect Foresight Equilibrium Paths in Neo-Classical Trade Models," Journal of Economics, 51, 27-69.
25. _ (1991): "Temporary Transfers in a Simple Dynamic General Equilibrium Model," Journal of Economic Theory, 54, 372-388.