No-trade and uniqueness of steady states
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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References listed on IDEAS
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- 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.
- 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.
- Christian Ghiglino & Mich Tvede, 1993. "Endowments, Stability and Fluctuations in OG Models," Research Papers by the Institute of Economics and Econometrics, Geneva School of Economics and Management, University of Geneva 93.04, Institut d'Economie et Econométrie, Université de Genève.
- 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. Full references (including those not matched with items on IDEAS)