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A Characterization of Ramsey Equilibrium in a Model with Limited Borrowing

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  • Kirill Borissov
  • Ram Sewak Dubey

Abstract

We investigate the convergence property of the capital stock sequence in Ramsey equilibria with limited borrowing by the households. In our model, at the beginning of each period, households are allowed to borrow against their end of the period wage income. Under this assumption the capital stock sequence converges to the steady state stock irrespective of the technology and turnpike property holds in every Ramsey equilibrium.

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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-08/13.

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Length: 20 pages
Date of creation: 01 Oct 2013
Date of revision:
Handle: RePEc:eus:wpaper:ec0813

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Keywords: Ramsey Equilibrium; Limited Borrowing; Convergence of capital path;

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  1. Becker, Robert A. & Foias, Ciprian, 1987. "A characterization of Ramsey equilibrium," Journal of Economic Theory, Elsevier, vol. 41(1), pages 173-184, February.
  2. Gerhard Sorger & Tapan Mitra, 2013. "On Ramsey´s conjecture," Vienna Economics Papers 1301, University of Vienna, Department of Economics.
  3. Becker, Robert A & Boyd, John H, III & Foias, Ciprian, 1991. "The Existence of Ramsey Equilibrium," Econometrica, Econometric Society, vol. 59(2), pages 441-60, March.
  4. Becker, Robert A, 1980. "On the Long-Run Steady State in a Simple Dynamic Model of Equilibrium with Heterogeneous Households," The Quarterly Journal of Economics, MIT Press, vol. 95(2), pages 375-82, September.
  5. Kirill Borissov, 2011. "On equilibrium dynamics with many agents and wages paid ex ante," EUSP Deparment of Economics Working Paper Series Ec-05/11, European University at St. Petersburg, Department of Economics, revised 28 Apr 2011.
  6. Robert Becker & Ram Sewak Dubey & Tapan Mitra, 2012. "On Ramsey Equilibrium: Capital Ownership Pattern and Inefficiency," Caepr Working Papers 2012-007, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington.
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