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Future Targets and Multiple Equilibria

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  • Ashok S Guha

    ()
    (Jawaharlal Nehru University)

  • Brishti Guha

    ()
    (School of Economics and Social Sciences, Singapore Management University)

Abstract

Multiple Pareto-rankable equilibria may obtain in an overlapping generations model where consumers save to reach a fixed target. Existence and uniqueness conditions are discussed. The model displays excess consumption sensitivity to current income and perfect old-age insurance.

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Bibliographic Info

Paper provided by Singapore Management University, School of Economics in its series Working Papers with number 21-2005.

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Length: 09 pages
Date of creation: Oct 2005
Date of revision:
Publication status: Published in SMU Economics and Statistics Working Paper Series
Handle: RePEc:siu:wpaper:21-2005

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Keywords: Multiple equilibria; saving; overlapping generations; excess sensitivity.;

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  1. B. Bhaskara Rao, 2005. "Testing Hall's permanent income hypothesis for a developing country: the case of Fiji," Applied Economics Letters, Taylor & Francis Journals, vol. 12(4), pages 245-248.
  2. Manisha Chakrabarty & Anke Schmalenbach, 2002. "The Effect of Current Income on Aggregate Consumption," The Economic and Social Review, Economic and Social Studies, vol. 33(3), pages 297-317.
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