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No-trade and uniqueness of steady states

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  • Ghiglino, Christian
  • Tvede, Mich

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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  • Ghiglino, Christian & Tvede, Mich, 1995. "No-trade and uniqueness of steady states," Journal of Economic Dynamics and Control, Elsevier, vol. 19(3), pages 655-661, April.
  • Handle: RePEc:eee:dyncon:v:19:y:1995:i:3:p:655-661
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    References listed on IDEAS

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    1. Benveniste, Lawrence M & Cass, David, 1986. "On the Existence of Optimal Stationary Equilibria with a Fixed Supply of Fiat Money: I. The Case of a Single Consumer," Journal of Political Economy, University of Chicago Press, vol. 94(2), pages 402-417, April.
    2. Ghiglino, Christian & Tvede, Mich, 1995. "Endowments, stability, and fluctuations in OG models," Journal of Economic Dynamics and Control, Elsevier, vol. 19(3), pages 621-653, April.
    3. Balasko, Yves & Shell, Karl, 1980. "The overlapping-generations model, I: The case of pure exchange without money," Journal of Economic Theory, Elsevier, vol. 23(3), pages 281-306, December.
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    Cited by:

    1. Augeraud-Véron, Emmanuelle & D'Albis, Hippolyte, 2009. "Continuous-Time Overlapping Generations Models," TSE Working Papers 09-047, Toulouse School of Economics (TSE).
    2. Simonovits, András, 1995. "Az együtt élő korosztályok modellcsaládja
      [The family of overlapping cohorts models]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 358-386.
    3. d'Albis, Hippolyte, 2007. "Demographic structure and capital accumulation," Journal of Economic Theory, Elsevier, vol. 132(1), pages 411-434, January.
    4. Duc, Francois & Ghiglino, Christian, 1998. "Optimality of Barter steady states," Journal of Economic Dynamics and Control, Elsevier, vol. 22(7), pages 1053-1067, May.
    5. Ghiglino, Christian & Tvede, Mich, 1995. "Endowments, stability, and fluctuations in OG models," Journal of Economic Dynamics and Control, Elsevier, vol. 19(3), pages 621-653, April.
    6. Mertens, Jean-François & Rubinchik, Anna, 2015. "Pareto Optimality Of The Golden Rule Equilibrium In An Overlapping Generations Model With Production And Transfers," Macroeconomic Dynamics, Cambridge University Press, vol. 19(08), pages 1780-1799, December.
    7. Tvede, Mich, 2001. "Strong optimality in OG economies: convergence," Journal of Mathematical Economics, Elsevier, vol. 35(3), pages 419-425, June.

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