On dynamics and the core of OG models

Christian Ghiglino; Mich Tvede

doi:10.1016/0165-1765(94)00624-B

On dynamics and the core of OG models

Christian Ghiglino, Mich Tvede

Economics

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

Abstract

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 language	English (US)
Pages (from-to)	313-317
Number of pages	5
Journal	Economics Letters
Volume	48
Issue number	3-4
DOIs	https://doi.org/10.1016/0165-1765(94)00624-B
State	Published - Jun 1995

Keywords

Core
Fluctuations
Overlapping-generations models

ASJC Scopus subject areas

Finance
Economics and Econometrics

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10.1016/0165-1765(94)00624-B

Cite this

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AB - 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.

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KW - Fluctuations

KW - Overlapping-generations models

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On dynamics and the core of OG models

Abstract

Keywords

ASJC Scopus subject areas

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