Existence of a Pareto-Optimal Equilibrium in Nearly-Stationary Overlapping-Generations Economies
AbstractIn overlapping-generations models of fat money, the existence of a Pareto-optimal equilibrium-which defines an optimal quantity of money-is more general than well-known counter-examples suggest. Those examples, having no optimal equilibrium just because there are small variations in households' tastes and endowments across generations, are not typical. On the contrary: For an open-dense, full-measure subset of smooth stationary economies and an open-dense subset of continuous stationary economies, introducing small variations in tastes and endowments across generations preserves the existence of an optimal equilibrium. Put simply, optimal equilibria generically exist for nearly-stationary economies.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 5 (1995)
Issue (Month): 2 (March)
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- Gaetano Bloise, 2007.
"Efficiency and prices in economies of overlapping generations,"
Departmental Working Papers of Economics - University 'Roma Tre'
0072, Department of Economics - University Roma Tre.
- Bloise, Gaetano, 2008. "Efficiency and prices in economies of overlapping generations," Journal of Economic Theory, Elsevier, vol. 141(1), pages 200-224, July.
- MERTENS, Jean-François & RUBINCHIK, Anna, 2012. "Pareto optimality of the golden rule equilibrium in an overlapping generations model with production and transfers," CORE Discussion Papers 2012033, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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