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Dynamically Inefficient Equilibria in the Auerbach-Kotlikoff Model

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  • Larch, Martin

Abstract

The issue addressed in this paper is how robust dynamically efficient steady state equilibria in a 55 periods overlapping generations economy are to changes in the parametrization of the model. Numerical simulations are used to detect parameter constellations which lead to non Pareto optimal market solutions with the capital stock in excess of the so called Golden Rule level. The results suggest that rather unplausible values of the pure rate of time preference, the intertemporal elasticity of substitution or the annual population growth rate are required to obtain dynamic inefficiency.

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Bibliographic Info

Article provided by Springer in its journal Empirical Economics.

Volume (Year): 18 (1993)
Issue (Month): 1 ()
Pages: 159-72

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Handle: RePEc:spr:empeco:v:18:y:1993:i:1:p:159-72

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  1. Galor, Oded, 1986. "Time preference and international labor migration," Journal of Economic Theory, Elsevier, vol. 38(1), pages 1-20, February.
  2. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
  3. Tirole, Jean, 1985. "Asset Bubbles and Overlapping Generations," Econometrica, Econometric Society, vol. 53(6), pages 1499-1528, November.
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Cited by:
  1. James Bullard & Steve Russell, 1998. "Monetary steady states in a low real interest rate economy," Working Papers 1994-012, Federal Reserve Bank of St. Louis.
  2. Sebastian Rausch & Thomas F. Rutherford, 2007. "Computation of Equilibria in OLG Models with Many Heterogeneous Households," Ruhr Economic Papers 0015, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.

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