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- Title
Inequalities and fluctuations in a dynamic general equilibrium model.
- Authors
Ghiglino, Christian; Olszak-Duquenne, Marielle
- Abstract
Summary. In the present paper a tractable two-sector neo-classical growth model with heterogeneous agents is considered. The local dynamic properties of the equilibrium path are analyzed in relation with the underlying characteristics of the economy. In particular, the existence of fluctuations is related to the degree of heterogeneity in labor and in capital endowments. When applied to international trade theory, the analysis shows that free trade may distabilize a world economy that is originally stable under the regime of autarky.
- Subjects
ECONOMIC equilibrium; ENDOWMENTS; INTERNATIONAL trade; FREE trade
- Publication
Economic Theory, 2001, Vol 17, Issue 1, p1
- ISSN
0938-2259
- Publication type
Article