Transition time paths for 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...
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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...
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We prove the existence of general equilibrium for continuous-time overlappinggenerations models. Previous theorems exclude all non-linear C.E.S. and von Neumann Morgenstern preferences and exclude production. Our primitive assumptions are satisfied by such preferences and by all Markovian production technologies satisfying Bewley's assumptions for Arrow Debreu models provided that storage is po...
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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...
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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...
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ژورنال
عنوان ژورنال: Journal of Economic Dynamics and Control
سال: 1984
ISSN: 0165-1889
DOI: 10.1016/0165-1889(84)90002-2