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|c 5.00 USD
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|z 9781451848267
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Carranza, Luis.
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|a Multiple Equilibrium, Variability, and the Development Process /
|c Luis Carranza, Jose Galdon-Sanchez.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1998.
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|a 1 online resource (28 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Per capita output is more volatile in middle-income economies than in both low-income and high-income economies. We examine this pattern in a two-period overlapping generations model with two productive sectors (a developed sector and a subsistence sector) and a credit sector. In the early and mature stages of development, there is a unique equilibrium, because labor and credit markets are cleared by a unique set of prices. In the middle stages of development, however, the model shows that markets can be cleared by a multiple set of prices. This multiplicity of equilibria arises as productive externalities are reflected in credit markets.
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|a Mode of access: Internet
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|a Galdon-Sanchez, Jose.
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|a IMF Working Papers; Working Paper ;
|v No. 1998/062
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1998/062/001.1998.issue-062-en.xml
|z IMF e-Library
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