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On equilibrium dynamics with many agents and wages paid ex ante

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  • Kirill Borissov

Abstract

A model of economic growth with many agents and borrowing constraints is considered under the assumption that wages are paid ex ante. It is shown that, in contrast to the traditional case where wages are paid ex post, the convergence of equilibrium paths to a steady-state equilibrium occurs regardless of specifications of technology.

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Bibliographic Info

Paper provided by European University at St. Petersburg, Department of Economics in its series EUSP Deparment of Economics Working Paper Series with number Ec-05/11.

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Length: 12 pages
Date of creation: 21 Apr 2011
Date of revision: 28 Apr 2011
Handle: RePEc:eus:wpaper:ec0511

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Keywords: economic growth; heterogeneous agents; stability;

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Cited by:
  1. Mitra, Tapan & Sorger, Gerhard, 2013. "On Ramseyʼs conjecture," Journal of Economic Theory, Elsevier, vol. 148(5), pages 1953-1976.
  2. Kirill Borissov & Ram Sewak Dubey, 2013. "A Characterization of Ramsey Equilibrium in a Model with Limited Borrowing," EUSP Deparment of Economics Working Paper Series Ec-08/13, European University at St. Petersburg, Department of Economics.

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