No-trade and uniqueness of steady states

Christian Ghiglino; Mich Tvede

doi:10.1016/0165-1889(94)00797-L

No-trade and uniqueness of steady states

Christian Ghiglino, Mich Tvede

Economics

Research output: Contribution to journal › Article › peer-review

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)
Pages (from-to)	655-661
Number of pages	7
Journal	Journal of Economic Dynamics and Control
Volume	19
Issue number	3
DOIs	https://doi.org/10.1016/0165-1889(94)00797-L
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

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10.1016/0165-1889(94)00797-L

Cite this

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title = "No-trade and uniqueness of steady states",

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.",

keywords = "No-trade equilibria, Optimality, Overlapping-generations models, Steady states, Uniqueness of equilibria",

author = "Christian Ghiglino and Mich Tvede",

note = "Funding Information: Research support from the Swiss National Science Foundation is gratefully acknowledged. The authors are grateful to Yves Balasko, Herv& Crb, and an anonymous referee for helpful comments.",

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AU - Ghiglino, Christian

AU - Tvede, Mich

N1 - Funding Information: Research support from the Swiss National Science Foundation is gratefully acknowledged. The authors are grateful to Yves Balasko, Herv& Crb, and an anonymous referee for helpful comments.

PY - 1995/4

Y1 - 1995/4

N2 - 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.

AB - 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.

KW - No-trade equilibria

KW - Optimality

KW - Overlapping-generations models

KW - Steady states

KW - Uniqueness of equilibria

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JF - Journal of Economic Dynamics and Control

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ER -

No-trade and uniqueness of steady states

Abstract

Keywords

ASJC Scopus subject areas

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