期刊名称：Discussion Papers / University of Leicester, Department of Economics
出版年度：2012
卷号：2012
出版社：Leicester
摘要：We model an oligopolistic industry that supplies intermediate goods in an overlapping generations economy. Agents can choose whether to provide labour or to become entrepreneurs and compete in the industry. The idea that entry is determined through occupational choice has major implications for the industry’s dynamics. We find that the industry’s convergence to the steady state equilibrium occurs through cyclical fluctuations, despite the lack of any type of exogenous shocks. Furthermore, the path of convergence is not uniquely determined, implying that differences in economic performance may not
necessarily reflect differences in either structural characteristics or initial conditions.
