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2© 2014 Western Economic Association International. This article examines the quantitative interrelations between sectoral composition of public spending and equilibrium determinacy in a two-sector real business cycle model with positive productive externalities in investment. When government purchases of consumption and investment goods are set as constant fractions of their respective sectoral output, we show that the public-consumption share plays no role in the model's local dynamics, and tha…Read more
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3This article examines the quantitative interrelations between sectoral composition of public spending and equilibrium determinacy in a two-sector real business cycle model with positive productive externalities in investment. When government purchases of consumption and investment goods are set as constant fractions of their respective sectoral output, we show that the public-consumption share plays no role in the model's local dynamics, and that a sufficiently high public-investment share can s…Read more
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University of Michigan, Ann ArborUndergraduate
Ann Arbor, Michigan, United States of America
Areas of Interest
Meta-Ethics |
Normative Ethics |
Social and Political Philosophy |