No-trade and uniqueness of steady states

Christian Ghiglino, Mich Tvede

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 languageEnglish (US)
Pages (from-to)655-661
Number of pages7
JournalJournal of Economic Dynamics and Control
Volume19
Issue number3
DOIs
StatePublished - 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

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