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A Stationary Markov Equilibrium in an OLG Model

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  • Zhixiang Zhang

    (CEMA, Central University of Finance and Economics)

  • Heng-fu Zou

    (CEMA, Central University of Finance and Economics)

Abstract

This paper provides suffcient conditions on the technology and preferences, under which the optimal savings-consumption policy is unique, and a stationary Markov equilibrium exists for an overlapping generation economy. Comparing with Wang (1993), our conditions on the uniqueness of optimal policy function are more general, and our conditions on the existence of equilibria depend on the exogenous parameters in the model instead of on endogenous variables.

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Paper provided by China Economics and Management Academy, Central University of Finance and Economics in its series CEMA Working Papers with number 533.

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Length: 6 pages
Date of creation: 08 Feb 2012
Date of revision:
Handle: RePEc:cuf:wpaper:533

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Web page: http://cema.cufe.edu.cn/
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  1. Galor, Oded & Ryder, Harl E., 1989. "Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital," Journal of Economic Theory, Elsevier, vol. 49(2), pages 360-375, December.
  2. Wang Yong, 1993. "Stationary Equilibria in an Overlapping Generations Economy with Stochastic Production," Journal of Economic Theory, Elsevier, vol. 61(2), pages 423-435, December.
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