Balanced cycles in an OLG model with a continuum of finitely-lived individuals
This paper studies the intertemporal equilibrium of a barter economy populated with a continuum of finitely-lived overlapping generations. Assuming isoelastic preferences and zero endowments at the beginning and the end of the individual's life-span, it proves the existence of an Hopf bifurcation and provides sufficient conditions on parameters for its occurrence.
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Volume (Year): 30 (2007)
Issue (Month): 1 (January)
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- POLEMARCHAKIS, Heracles M. & ROCHON, Céline, 1999.
"Debt, liquidity and dynamics,"
CORE Discussion Papers
1999034, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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"Vintage Capital, Investment And Growth,"
90-22, C.V. Starr Center for Applied Economics, New York University.
- Philippe Michel & Alain Venditti, 1997. "Optimal growth and cycles in overlapping generations models (*)," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 9(3), pages 511-528.
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"Can There Be Short-Period Deterministic Cycles When People Are Long Lived?,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 104(1), pages 163-185.
- S. Rao Aiyagari, 1988. "Can there be short-period deterministic cycles when people are long lived?," Staff Report 114, Federal Reserve Bank of Minneapolis.
- Akiomi Kitagawa & Akihisa Shibata, 2005. "Endogenous growth cycles in an overlapping generations model with investment gestation lags," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 25(3), pages 751-762, 04.
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