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Existence of steady - state equium in an overlapping-generations model with production (*)

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Author Info
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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Abstract

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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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 9 (1997)
Issue (Month): 3 ()
Pages: 529-537
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Handle: RePEc:spr:joecth:v:9:y:1997:i:3:p:529-537

Note: Received: March 1, 1994; revised version August 14, 1995
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  1. Luisa Fuster, 2000. "Capital Accumulation in an Economy with Dynasties and Uncertain Lifetimes," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(4), pages 650-674, October. [Downloadable!] (restricted)
  2. Luca Bossi & Pere Gomis-Porqueras, . "Consequences of Modeling Habit Persistence," Working Papers 0701, University of Miami, Department of Economics. [Downloadable!]
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