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Balanced cycles in an OLG model with a continuum of finitely-lived individuals

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Author Info

  • Hippolyte d’Albis

    ()

  • Emmanuelle Augeraud-Véron

    ()

Abstract

This paper studies the intertemporal equilibrium of a barter economy populated with a continuum of finitely-lived overlapping generations. Assuming isoelastic preferences and zero endowments at the beginning and the end of the individual's ’life-span, it proves the existence of an Hopf bifurcation and provides sufficient conditions on parameters for its occurrence.

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File URL: http://hdl.handle.net/10.1007/s00199-005-0043-9
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 30 (2007)
Issue (Month): 1 (January)
Pages: 181-186

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Handle: RePEc:spr:joecth:v:30:y:2007:i:1:p:181-186

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Web page: http://link.springer.de/link/service/journals/00199/index.htm

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Related research

Keywords: Overlapping-generations models; Mixed-type functional differential equations; Endogenous fluctuations; Hopf bifurcation; C6; D9;

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  1. Aiyagari, S Rao, 1989. "Can There Be Short-Period Deterministic Cycles When People Are Long Lived?," The Quarterly Journal of Economics, MIT Press, vol. 104(1), pages 163-85, February.
  2. Jess Benhabib & Aldo Rustichini, 1990. "Vintage Capital, Investment and Growth," Discussion Papers 886, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Akiomi Kitagawa & Akihisa Shibata, 2005. "Endogenous growth cycles in an overlapping generations model with investment gestation lags," Economic Theory, Springer, vol. 25(3), pages 751-762, 04.
  4. Céline Rochon & Herakles Polemarchakis, 2006. "Debt, liquidity and dynamics," Economic Theory, Springer, vol. 27(1), pages 179-211, 01.
  5. Philippe Michel & Alain Venditti, 1997. "Optimal growth and cycles in overlapping generations models (*)," Economic Theory, Springer, vol. 9(3), pages 511-528.
  6. Herakles Polemarchakis, 2001. "Debt, liquidity and dynamics," Working Papers 2001-22, Brown University, Department of Economics.
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