On dynamics and the core of OG models

Christian Ghiglino, Mich Tvede

Research output: Contribution to journalArticlepeer-review


Stationary overlapping-generations models can exhibit fluctuations. However, the fluctuations, which have been studied by Benhabib and Day (Journal of Economic Dynamics and Control, 1982, 4, 37-55), Gale (Journal of Economic Theory, 1973, 6, 12-36) Grandmont (Econometrica, 1985, 53, 995-1046) and others, are not in the core even though they are Pareto-optimal. In the present paper, it is shown that general stationary overlapping-generation economies can have periodic equilibria in the core.

Original languageEnglish (US)
Pages (from-to)313-317
Number of pages5
JournalEconomics Letters
Issue number3-4
StatePublished - Jun 1995


  • Core
  • Fluctuations
  • Overlapping-generations models

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics


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