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On the Dual Stability of a von Neumann Facet and the Inefficacy of Temporary Fiscal Policy

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  • Makoto Yano

Abstract

This study establishes two main results in a dynamic general equilibrium model. The first is to demonstrate the dual Liapounov stability of a von Neumann facet without the restrictive assumptions on the structure of underlying technologies adopted commonly in the optimal growth literature. The second is to demonstrate that a temporary change in fiscal policy has almost no effect on present and future consumption. While such a result has been discussed in the context of permanent income hypothesis, in this study it is proved in the dynamic general equilibrium framework under a set of basic assumptions of general equilibrium theory.

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Bibliographic Info

Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 66 (1998)
Issue (Month): 2 (March)
Pages: 427-452

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Handle: RePEc:ecm:emetrp:v:66:y:1998:i:2:p:427-452

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Cited by:
  1. Jensen, Martin Kaae, 2006. "On unbounded growth with heterogenous consumers," Journal of Mathematical Economics, Elsevier, vol. 42(7-8), pages 807-826, November.
  2. Christian Ghiglino & Mich Tvede, 1999. "Optimal Policy in OG Models," Discussion Papers 99-23, University of Copenhagen. Department of Economics.
  3. Kazuo Nishimura & Alain Venditti & Makoto Yano, 2014. "Destabilization effect of international trade in a perfect foresight dynamic general equilibrium model," Economic Theory, Springer, vol. 55(2), pages 357-392, February.
  4. Dai, Darong, 2011. "Modeling the minimum time needed to economic maturity," MPRA Paper 40386, University Library of Munich, Germany, revised 31 Jul 2012.
  5. Dai, Darong, 2012. "A Robust Turnpike Deduced by Economic Maturity," MPRA Paper 48818, University Library of Munich, Germany.
  6. Cuong Le Van & Lisa Morhaim, 2006. "On optimal growth models when the discount factor is near 1 or equal to 1," International Journal of Economic Theory, The International Society for Economic Theory, vol. 2(1), pages 55-76.
  7. Christian Ghiglino & Marielle Olszak-Duquenne, 2002. "The impact of heterogeneity on indeterminacy," Diskussionsschriften dp0213, Universitaet Bern, Departement Volkswirtschaft.
  8. Dai, Darong, 2011. "Wealth Martingale and Neighborhood Turnpike Property in Dynamically Complete Market with Heterogeneous Investors," MPRA Paper 46416, University Library of Munich, Germany.
  9. repec:hal:journl:halshs-00096034 is not listed on IDEAS
  10. Darong Dai, 2012. "Stochastic Versions of Turnpike Theorems in the Sense of Uniform Topology," Annals of Economics and Finance, Society for AEF, vol. 13(2), pages 381-423, November.
  11. Jensen, Martin Kaae, 2012. "Global stability and the “turnpike” in optimal unbounded growth models," Journal of Economic Theory, Elsevier, vol. 147(2), pages 802-832.

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