Existence and uniqueness of equilibrium in a distorted dynamic small open economy

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1 Scopus citations

Abstract

We provide a set of sufficient conditions for existence and uniqueness of recursive equilibrium for a class of small open economies with distortion. The second welfare theorem is not available in this framework and usual approach for studying optimal neoclassical growth models is also not applicable.

Original languageEnglish (US)
Pages (from-to)19-22
Number of pages4
JournalEconomics Letters
Volume152
DOIs
StatePublished - Mar 1 2017

Keywords

  • Externality
  • Nonoptimal growth
  • Recursive equilibrium
  • Small open economy

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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