This paper systematically examines the interrelations between equilibrium indeterminacy, endogenous entry and exit of intermediate input firms, and increasing returns to specialization within two versions of a parsimonious one-sector monopolistically competitive RBC model. The technology for producing an intermediate good is postulated to display internal increasing returns to scale in our benchmark framework, whereas positive productive externalities are considered in the alternative setting. We analytically show that either formulation will exhibit belief-driven cyclical fluctuations provided the equilibrium wage-hours locus is positively sloped and steeper than the household’s labor supply curve. We also find that ceteris paribus our alternative macroeconomy is more susceptible to indeterminacy and sunspots than the baseline counterpart.

本文系统地研究了均衡不确定性、中间投入企业的内生进入和退出之间的相互关系，以及在两个版本的节俭的单一部门垄断竞争 RBC 模型中专业化收益递增。在我们的基准框架中，生产中间产品的技术被假定为显示内部规模报酬递增，而在替代设置中考虑了正的生产外部性。我们分析表明，只要均衡工资小时轨迹呈正斜率且比家庭的劳动力供给曲线更陡峭，任何一种公式都会表现出信念驱动的周期性波动。我们还发现在其他条件不变的情况下我们的替代宏观经济比基准对应的宏观经济更容易受到不确定性和太阳黑子的影响。