Indeterminacy and investment adjustment costs
Division of Research & Statistics and Monetary Affairs, Federal Reserve Board, 1998 - Business & Economics - 12 pages
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_ p+6 adjustment costs increase aggregate externalities alternative speciﬁcation Athanasios Orphanides August Benhabib and Farmer Brian Sack budget constraint Calibrated capital accumulation capital stock condition for indeterminacy constant elasticity degree of adjustment degree of externalities degree of increasing difficult for indeterminacy Discussion Series Divisions Divisions of Research Dynamics Economics Discussion Series equation Federal Reserve Board Finance and Economics ﬁrm ﬁrst household impossible for indeterminacy Indeterminacy and Investment indeterminacy to arise indeterminacy to occur inﬁnity Inﬂation investment adjustment costs January I998 Jeremy Berkowitz Jess and Roger labor market equilibrium Macroeconomics market equilibrium condition model with investment model without investment Monetary Policy neoclassical growth model nomic note shows parameter values parameterization Phillips Curve plausibility of indeterminacy presence of investment real wage required degree Research & Statistics returns to scale Roger E. A. Farmer sector-speciﬁc externalities speciﬁcation of constant Statistics and Monetary sufficient condition transformation between consumption two-sector model Volker Wieland Yvan Lengwiler