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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References listed on IDEAS
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- Herakles Polemarchakis, 2001. "Debt, liquidity and dynamics," Working Papers 2001-22, Brown University, Department of Economics.
- S. Rao Aiyagari, 1988.
"Can there be short-period deterministic cycles when people are long lived?,"
114, Federal Reserve Bank of Minneapolis.
- Aiyagari, S Rao, 1989. "Can There Be Short-Period Deterministic Cycles When People Are Long Lived?," The Quarterly Journal of Economics, MIT Press, vol. 104(1), pages 163-85, February.
- Benhabib, Jess & Rustichini, Aldo, 1990.
"Vintage Capital, Investment And Growth,"
90-22, C.V. Starr Center for Applied Economics, New York University.
- Céline Rochon & Herakles Polemarchakis, 2006. "Debt, liquidity and dynamics," Economic Theory, Springer, vol. 27(1), pages 179-211, 01.
- Philippe Michel & Alain Venditti, 1997. "Optimal growth and cycles in overlapping generations models (*)," Economic Theory, Springer, vol. 9(3), pages 511-528.
- Akiomi Kitagawa & Akihisa Shibata, 2005. "Endogenous growth cycles in an overlapping generations model with investment gestation lags," Economic Theory, Springer, vol. 25(3), pages 751-762, 04.
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