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150128 ||| eng |
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|a 9781451848267
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| 100 |
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|a Carranza, Luis
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| 245 |
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|a Multiple Equilibrium, Variability, and the Development Process
|c Luis Carranza, José Galdón-Sánchez
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 1998
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| 300 |
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|a 28 pages
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| 653 |
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|a Credit
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| 653 |
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|a Research and Development
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| 653 |
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|a Labour; income economics
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| 653 |
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|a Intellectual Property Rights: General
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| 653 |
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|a Technology
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| 653 |
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|a Monetary economics
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| 653 |
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|a Self-employed
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| 653 |
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|a Wages, Compensation, and Labor Costs: General
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| 653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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| 653 |
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|a Labor markets
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| 653 |
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|a Technology; general issues
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| 653 |
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|a Demand and Supply of Labor: General
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| 653 |
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|a Labor
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| 653 |
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|a Innovation
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| 653 |
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|a Self-employment
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| 653 |
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|a Labor Demand
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| 653 |
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|a Labor market
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| 653 |
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|a Macroeconomics and Monetary Economics: General
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| 653 |
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|a Wages
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| 653 |
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|a Technological Change
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| 653 |
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|a Money and Monetary Policy
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| 700 |
1 |
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|a Galdón-Sánchez, José
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451848267.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/1998/062/001.1998.issue-062-en.xml?cid=2586-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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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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