Existence of steady - state equium in an overlapping-generations model with production (*)
This paper establishes an existence theorem of a non-trivial (positive capital stock) steady-state equilibrium in Diamond's (1965) overlapping-generations model with production by employing the steady-state consumption curve introduced in Ihori (1978). The assumptions on preferences and production technologies that ensure the existence of a nontrivial steady-state equilibrium are separated from each other, unlike in Galor and Ryder (1989). We also provide two simple examples which illustrate the importance of two conditions in the theorem.
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Volume (Year): 9 (1997)
Issue (Month): 3 ()
|Note:||Received: March 1, 1994; revised version August 14, 1995|
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|Order Information:||Web: http://www.springer.com/economics/economic+theory/journal/199/PS2|