We introduce a new type of production function, called approximate Cobb-Douglas function, by a perturbation of Euler's partial differential equation characterizing homogeneous function. We show that ...

It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy and sunspot fluctuations when income tax rates are ...

This is a preview. Log in through your library . Journal Information Pakistan Economic and Social Review is devoted to the publication of the research articles concerned with economic and social ...

Empirical evidence indicates that the elasticity of capital-labor substitution for the aggregate U.S. economy is below unity. In contrast, the existing indeterminacy literature has mostly restricted ...