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Global Analysis Of An Overlapping Generations Economy With Land

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  • MOUNTFORD, ANDREW

Abstract

This paper analyzes the global dynamics of a convex overlapping generations model with land. It derives a competitive equilibrium such that for every given initial level of capital per capita, the economy has a unique perfect-foresight equilibrium. It shows that the existence and uniqueness of this perfect-foresight equilibrium is robust to the presence of multiple steady-state levels of capital per capita. Furthermore, it shows that this model can provide an interesting insight into the economics of land taxation. Specifically, it shows that changes in the rate of land taxation may cause a bifurcation in the model s dynamical system and so may allow an economy with a low initial capital stock to break out of a poverty trap steady-state equilibrium.

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Bibliographic Info

Article provided by Cambridge University Press in its journal Macroeconomic Dynamics.

Volume (Year): 8 (2004)
Issue (Month): 05 (November)
Pages: 582-595

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Handle: RePEc:cup:macdyn:v:8:y:2004:i:05:p:582-595_04

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References

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  1. Oded Galor & Omer Moav, 2000. "Natural Selection and the Origin of economic Growth," Working Papers 2000-18, Brown University, Department of Economics.
  2. Galor, Oded & Ryder, Harl E., 1989. "Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital," Journal of Economic Theory, Elsevier, vol. 49(2), pages 360-375, December.
  3. de la Croix,David & Michel,Philippe, 2002. "A Theory of Economic Growth," Cambridge Books, Cambridge University Press, number 9780521001151.
  4. Galor, Oded, 1992. "A Two-Sector Overlapping-Generations Model: A Global Characterization of the Dynamical System," Econometrica, Econometric Society, vol. 60(6), pages 1351-86, November.
  5. Eaton, Jonathan, 1988. "Foreign-Owned Land," American Economic Review, American Economic Association, vol. 78(1), pages 76-88, March.
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Cited by:
  1. Vincent Touzé, 2005. "Fiscal incidence of unfunded pension system: an analytical investigation," Documents de Travail de l'OFCE 2005-03, Observatoire Francais des Conjonctures Economiques (OFCE).
  2. Charles Ka-Yui Leung & Nan-Kuang Chen, 2005. "Intrinsic Cycles of Land Price: A Simple Model," Departmental Working Papers _166, Chinese University of Hong Kong, Department of Economics.

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