Abstract
In the present paper a stationary overlapping-generations model with many commodities and many different consumers is considered. The main result is that economies with endowments near no-trade equilibria with constant prices have a unique balanced steady state and a unique golden-rule steady state. These results are obtained generically in utility functions and do not depend on whether the utility functions are of the discounted form or not.
Original language | English (US) |
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Pages (from-to) | 655-661 |
Number of pages | 7 |
Journal | Journal of Economic Dynamics and Control |
Volume | 19 |
Issue number | 3 |
DOIs | |
State | Published - Apr 1995 |
Keywords
- No-trade equilibria
- Optimality
- Overlapping-generations models
- Steady states
- Uniqueness of equilibria
ASJC Scopus subject areas
- Economics and Econometrics
- Control and Optimization
- Applied Mathematics