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  1. No Access

    Article

    Finance and Economic Growth in a Dynamic Game

    We investigate how the relaxation of financial constraints affects economic growth in a dynamic game of the tragedy of the commons by introducing an imperfect financial market into Tornell and Velasco’s (J Pol...

    Takuma Kunieda, Kazuo Nishimura in Dynamic Games and Applications (2018)

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    Chapter

    A Two-Sector Growth Model with Credit Market Imperfections and Production Externalities

    A two-sector dynamic general equilibrium model with financial constraints and production externalities is studied. Agents face idiosyncratic productivity shocks in each period. Agents who draw high productivit...

    Takuma Kunieda, Kazuo Nishimura in Advances in Mathematical Economics (2018)

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    Chapter and Conference Paper

    Non-Linearity and Business Cycles in a Two-Sector Equilibrium Model: An Example with Cobb-Douglas Production Functions

    This study presents a two-sector optimal growth model with Cobb-Douglas production functions in which optimal dynamics exhibits sharp non-linearity giving rise to cyclical optimal paths. This result demonstrat...

    Kazuo Nishimura, Makoto Yano in Nonlinear and Convex Analysis in Economic Theory (1995)