This paper examines the dynamic effects of consumption externalities in Bosi and Seegmuller (J Math Econ 46:475–492, 2010). We show that only the patient agent holds the entire capital stock at the steady state, while the impatient agent works to finance his consumption. Our main result states that consumption externalities represent the main mechanism that explains the emergence of endogenous fluctuations due to self-fulfilling expectations. Finally, consumption externalities promote the appearance of deterministic cycles of period two.

中文翻译：

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消费外部性的动态影响

本文研究了Bosi和Seegmuller中消费外部性的动态影响（J Math Econ 46：475–492，2010）。我们表明，只有耐心的代理商会保持整个资本存量处于稳定状态，而耐心的代理商会为自己的消费筹集资金。我们的主要结果表明，消费外部性是解释自我实现期望导致内生性波动出现的主要机制。最后，消费外部性促进了第二阶段确定性周期的出现。