We present an economically motivated construction of the global invariant manifold for a class of Ramsey equilibria. This invariant manifold is found by solving a functional equation for an implicit programming problem based on the most patient household's necessary condition for an optimum. An iterative process is given which yields the first agent's optimal policy function in the limit and thereby the invariant manifold.
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Paper provided by Indiana - Center for Econometric Model Research in its series Papers with number
98-006.
Length: 30 pages Date of creation: 1998 Date of revision: Handle: RePEc:fth:indian:98-006
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Find related papers by JEL classification: C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
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