Chen, Been-Lon and Shun-Fa Lee (2007), “Congestible public goods and
indeterminacy: A two-sector endogenous growth model,” Journal of Economic
Dynamics and Control, 31, 2486-2518. (SSCI)
摘要:
This paper shows that the congestible public goods can generate local indeterminacy
in a two-sector, constant-return human capital enhanced growth model.
While the
productive public good exerts positive sector-specific externalities, the congestion
effect generates negative aggregate externalities.
The sector-specific externalities
alone arising from productive public goods cannot establish local indeterminacy
without the combination of negative externality in a model with social constant return
technology.
Congestible public good generates local indeterminacy if the degree of
productive public good externality and the degree of congestion effect are large
enough.
The condition for indeterminacy is independent of the factor intensity
rankings.
The conditions are quantitatively assessed and the required parameter
values for the degrees of public good externality and congestion are consistent with
the estimated values in existing literature.