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Indeterminacy of intertemporal equilibria under imperfect competition

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  • Leo Kaas

    ()
    (Department of Economics and Finance, Institute for Advanced Studies, Stumpergasse 56, 1060 Vienna, AUSTRIA)

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Abstract

It is known that overlapping generations models with imperfectly competitive firms may exhibit a continuum of stationary equilibria. The reason of this indeterminacy is that different price expectation functions of consumers lead to different objective demand functions against which firms maximize. All these expectation functions fulfill perfect foresight in the equilibrium, but they can be arbitrary off the equilibrium. In this paper it is shown that it is not this arbitrariness which is responsible for the indeterminacy, but that the continuum of stationary equilibria emerges even if expectation functions are rational.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 17 (2001)
Issue (Month): 2 ()
Pages: 307-323

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Handle: RePEc:spr:joecth:v:17:y:2001:i:2:p:307-323

Note: Received: March 25, 1999; revised version: February 16, 2000
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Related research

Keywords: Overlapping generations model; Imperfect competition; Indeterminacy; Expectations.;

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