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A Note on the Golden-Rule Condition in the Overlapping Generations Growth Model

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  • Nishimura, Osamu
  • Nakao, Takeo

Abstract

This paper examines the existence problem of the stationary state that maximizes per capita utility in Samuelson-D iamond model of overlapping generations combined with the post-Keynesian model o f capital growth. Since in a life-cycle consumption model the consumer's decisio n depends on capital intensity, the relation between consumer's utility and capi tal intensity is not as simple asin the post-Keynesian model of capital growth. In this paper the authors show that a unique and stable stationary state is a l ocal minimum, if it satisfies the well-known Swan-Phelps golden-rule production relation. Copyright 1986 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Nishimura, Osamu & Nakao, Takeo, 1986. "A Note on the Golden-Rule Condition in the Overlapping Generations Growth Model," The Manchester School of Economic & Social Studies, University of Manchester, vol. 54(4), pages 420-424, December.
    • Handle: RePEc:bla:manch2:v:54:y:1986:i:4:p:420-24
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