@article{778ebd070d874124919725f1df9b9b91,
title = "Admiration is a source of indeterminacy",
abstract = "Are consumption externalities sources of indeterminacy? The answer is negative in conventional wisdom. This paper shows consumption externalities establish local indeterminacy if the degree of decreasing impatience is sufficiently large. Dynamic models with indeterminacy are valuable as they tend to explain economic fluctuations without relying on exogenous shocks and question interpretation of simple estimation obtained by pooling data, among others.",
keywords = "Consumption externalities, Indeterminacy, Neoclassical growth model",
author = "Chen, {Been Lon} and Mei Hsu",
note = "Funding Information: We are grateful to Nan-Kuang Chen, Hsiu-Yun Lee, Martine Richardson, Henry Wan, Jr. and Ping Wang, and conference participants in Academia Sinica and National Chia-Yi University (Taiwan) and University of International Business and Economics (China). Chen is grateful to the Taiwan National Science Council for financial supports (NSC 95-2415-H-001-010). ",
year = "2007",
month = apr,
doi = "10.1016/j.econlet.2006.09.020",
language = "English",
volume = "95",
pages = "96--103",
journal = "Economics Letters",
issn = "0165-1765",
publisher = "Elsevier",
number = "1",
}