Intertemporal separability in overlapping-generations models
نویسندگان
چکیده
منابع مشابه
Overlapping Generations Models
The specific feature of the Overlapping Generations Model is that new cohorts are born in every period, live for a number of periods and die. Consequently, at any point in time, society is composed of individuals belonging to the different generations that are currently alive. Because of the demographic structure of the population, no trade involving individuals about to die is possible and hen...
متن کاملOverlapping Generations Models with Immigration
In this work we develop overlapping generations models (OLG) which explicitly include immigration. In the following, we propose two general equilibrium models. In a first approach, we investigate the effect of a sudden variation in the number of immigrants on the host country to shed light on the welfare effects of immigration for the various generations of the host country’s population. Subseq...
متن کاملDigitized by the Internet Archive in 2011 with Funding from Boston Library Consortium Iviember Libraries Working Paper Department of Economics ^intertemporal Separability in Overlapping Generations Models
Balasko and Shell have shown that in a pure exchange overlapping generations model with many goods, but a single two period lived Cobb-Douglas consumer in each generation, there is generically a unique perfect foresight price path in which money has no value. If money has value, then generically there is at most one dimension of indeterminacy. Kehoe and Levine have shown that these results do n...
متن کاملEliminating sunspot effects in overlapping generations models
We reappraise the robustness of sunspot effects in overlapping-generations models. Azariadis’s wellknown example economies have stationary, deterministic fundamentals (preferences, technologies, and endowments), yet sunspots affect multiple equilibria. And those equilibria are robust to common perturbations of underlying fundamentals. However, we find that judiciously splitting each of Azariadi...
متن کاملOVERLAPPING GENERATIONS MODELS OF GENERAL EQUILIBRIUM By
The OLG model of Allais and Samuelson retains the methodological assumptions of agent optimization and market clearing from the Arrow-Debreu model, yet its equilibrium set has different properties: Pareto inefficiency, indeterminacy, positive valuation of money, and a golden rule equilibrium in which the rate of interest is equal to population growth (independent of impatience). These propertie...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 1984
ISSN: 0022-0531
DOI: 10.1016/0022-0531(84)90141-8