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Can There Be Short-Period Deterministic Cycles When People Are Long Lived?

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Aiyagari, S Rao

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Abstract

This paper considers whether short-period deterministic cycles can exist in a class of stationary overlapping generations models with long- (but finite-) lived agents. It shows that if agents discount the future positively, then as life spans get large, nonmonetary cycles will disappear. Further, neither constant monetary steady states, nor stationary monetary cycles, can exist. It also shows that if agents discount the future negatively, then there are robust examples in which constant monetary steady states, as well as stationary monetary cycles, (with undiminished amplitude) can occur no matter how long agents live. Copyright 1989, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Article provided by MIT Press in its journal Quarterly Journal of Economics.

Volume (Year): 104 (1989)
Issue (Month): 1 (February)
Pages: 163-85
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Handle: RePEc:tpr:qjecon:v:104:y:1989:i:1:p:163-85

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Woodford, Michael, 1986. "Stationary sunspot equilibria in a finance constrained economy," Journal of Economic Theory, Elsevier, vol. 40(1), pages 128-137, October. [Downloadable!] (restricted)
  2. Cass, David & Shell, Karl, 1983. "Do Sunspots Matter?," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 193-227, April. [Downloadable!] (restricted)
  3. Azariadis, Costas, 1981. "Self-fulfilling prophecies," Journal of Economic Theory, Elsevier, vol. 25(3), pages 380-396, December. [Downloadable!] (restricted)
  4. Grandmont, Jean-Michel, 1985. "On Endogenous Competitive Business Cycles," Econometrica, Econometric Society, vol. 53(5), pages 995-1045, September. [Downloadable!] (restricted)
  5. Spear, Stephen E., 1984. "Sufficient conditions for the existence of sunspot equilibria," Journal of Economic Theory, Elsevier, vol. 34(2), pages 360-370, December. [Downloadable!] (restricted)
  6. Rao Aiyagari, S., 1988. "Nonmonetary steady states in stationary overlapping generations models with long lived agents and discounting: Multiplicity, optimality, and consumption smoothing," Journal of Economic Theory, Elsevier, vol. 45(1), pages 102-127, June. [Downloadable!] (restricted)
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  7. Gale, David, 1973. "Pure exchange equilibrium of dynamic economic models," Journal of Economic Theory, Elsevier, vol. 6(1), pages 12-36, February. [Downloadable!] (restricted)
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  1. Hippolyte d'Albis & Emmanuelle Augeraud-Veron, 2004. "Competitive growth in a life-cycle model : existence and dynamics," Cahiers de la Maison des Sciences Economiques v04016, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
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  2. Larry E. Jones & Rodolfo E. Manuelli, 1990. "Finite Lifetimes and Growth," NBER Working Papers 3469, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. William Barnett & Evgeniya Aleksandrovna Duzhak, 2008. "Empirical Assessment of Bifurcation Regions within New Keynesian Models," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 200811, University of Kansas, Department of Economics, revised Oct 2008. [Downloadable!]
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  4. H. Polemarchakis & S. Demichelis, 2002. "Frequency of Trade and the Determinancy of Equilibrium Paths: Logarithmic Economies of Overlapping Generations Under Certainty," Working Papers 2002-16, Brown University, Department of Economics. [Downloadable!]
  5. Barnett, William A. & Duzhak, Evgeniya, 2006. "Non-Robust Dynamic Inferences from Macroeconometric Models: Bifurcation Stratification of Confidence Regions," MPRA Paper 402, University Library of Munich, Germany. [Downloadable!]
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  6. Hippolyte d’Albis & Emmanuelle Augeraud-Véron, 2007. "Balanced cycles in an OLG model with a continuum of finitely-lived individuals," Economic Theory, Springer, vol. 30(1), pages 181-186, January. [Downloadable!] (restricted)
  7. D'ALBIS Hippolyte & AUGERAUD-VERON Emmanuelle, 2007. "Endogenous Retirement and Monetary Cycles," Working Papers 07.14.235, LERNA, University of Toulouse. [Downloadable!]
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