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The relationship between general equilibrium models with infinitely-lived agents and overlapping generations models, and some applications

Author

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  • Pham, Ngoc-Sang

Abstract

We prove that a two-cycle equilibrium in a general equilibrium model with infinitely-lived agents (GEILA) constitutes an equilibrium in an overlapping generations (OLG) model. Conversely, an equilibrium in an OLG model that satisfies additional conditions can be embedded in an equilibrium in a GEILA model. Our framework, which includes three assets (physical capital, a Lucas tree, and fiat money), encompasses both exchange and production economies. As an application, we demonstrate that equilibrium indeterminacy and rational asset price bubbles can arise not only in OLG models but also in GEILA models.

Suggested Citation

  • Pham, Ngoc-Sang, 2026. "The relationship between general equilibrium models with infinitely-lived agents and overlapping generations models, and some applications," Mathematical Social Sciences, Elsevier, vol. 142(C).
    • Handle: RePEc:eee:matsoc:v:142:y:2026:i:c:s0165489626000600
    DOI: 10.1016/j.mathsocsci.2026.102553
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    JEL classification:

    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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