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    Article

    Indeterminacy Arising in Multi-Sector Economies

    We characterize a large class of constant-returns-to-scale economies with standard Cobb-Douglas production technologies, which, when perturbed to incorporate external effects, exhibit indeterminacy or multiple...

    Jess Benhabib, Kazuo Nishimura in The Japanese Economic Review (1999)

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    Article

    Transboundary Pollution in a Dynamic Game Model

    We consider a dynamic game model in which N countries produce a single product that is not traded. Production results in emissions that accumulate a stock of pollution in each country. Households in each country ...

    Engelbert J. Dockner, Kazuo Nishimura in The Japanese Economic Review (1999)

  3. Article

    1998 JEA-Nakahara Prize: Announcement

    Kazuo Nishimura in The Japanese Economic Review (1999)

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    Article

    Interior Optimal Chaos with Arbitrarily Low Discount Rates

    In this study, we demonstrate, for an arbitrarily small discount rate, the existence of a topologically chaotic policy function that lies in the interior of the technology set in a two-sector model with smooth...

    Kazuo Nishimura, Tadashi Shigoka, Makoto Yano in The Japanese Economic Review (1998)

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    Article

    Optimal chaos, nonlinearity and feasibility conditions

    This study constructs a class of dynamic models in which optimal paths are generated by nonlinear transition functions similar to a tent map. We provide a sufficient condition under which such a transition fun...

    Kazuo Nishimura, Makoto Yano in Economic Theory (1994)

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    Article

    Ergodic chaos in optimal growth models with low discount rates

    We show that for every discount factorρε(0,1) one can find infinitely many strictly concave discrete-time optimal growth models in reduced form which have optimal policy functions exhibiting ergodic chaos. These ...

    Kazuo Nishimura, Gerhard Sorger, Makoto Yano in Economic Theory (1994)

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    Article

    Interlinkage in the endogenous real business cycles of international economies

    This study investigates interlinkage among the business cycles of countries from the viewpoint of endogenous real business cycles. For this purpose, we build a simple perfect foresight equilibrium model with t...

    Kazuo Nishimura, Makoto Yano in Economic Theory (1993)

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