Fernando Perera-Tallo (Innocenzo Gasparini Institute for Economic Research, Abbazia di Mirasole, I-20090 Opera , ITALY) Hideo Konishi (Department of Economics, Southern Methodist University, Dallas,TX 75275-0496, USA)
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This paper establishes an existence theorem of a non-trivial (positive capital stock) steady-state equilibrium in Diamond's (1965) overlapping-generations model with production by employing the steady-state consumption curve introduced in Ihori (1978). The assumptions on preferences and production technologies that ensure the existence of a nontrivial steady-state equilibrium are separated from each other, unlike in Galor and Ryder (1989). We also provide two simple examples which illustrate the importance of two conditions in the theorem.
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Article provided by Springer in its journal Economic Theory.
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