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No-trade and uniqueness of steady-states

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Author Info
Christian Ghiglino () (University of Geneva)
Mich Tvede () (Copenhagen Business School)

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Abstract

In the present paper a stationary overlapping-generations model with many different consumers and commodities is considered. The main result is that economies with endowments near no-trade equilibria with equal prices have a unique balanced steady-state and a unique golden rule steady-state. These results are obtained generically in utility functions and do not depend on whether the utility functions are of the discounted form or not.

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Paper provided by Theory and Mathematics of the Economy and the Society in its series Preprints with number _002.

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Publication status: Published in J.E.T
Handle: RePEc:wop:tmespr:_002

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This page was last updated on 2009-12-2.

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