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Intertemporal Models of Overlapping Generations

In: Intertemporal Macroeconomic Models, Money and Rational Choices

Author

Listed:
  • Giuseppe Chirichiello

    (University of Rome)

Abstract

Fisher’s optimal saving rule (Fisher, 1930), like Ramsey’s rule, can be adopted as the criterion for distinguishing the optimal paths in the set of feasible paths of a growing economy. To deduce Fisher’s rule we start by considering the optimal saving problem of a single agent. The model we shall adopt considers a consumer-saver who makes choices over time sequentially. This model, ultimately similar to that of individual demand in a temporary equilibrium context, allows us to deduce a saving theory. Its optimality requisites satisfy Fisher’s optimality intertemporal rule, the equality between the intertemporal marginal rate of substitution for consumption and the rate of interest (see Chapter 2).

Suggested Citation

  • Giuseppe Chirichiello, 2000. "Intertemporal Models of Overlapping Generations," Palgrave Macmillan Books, in: Intertemporal Macroeconomic Models, Money and Rational Choices, chapter 3, pages 62-111, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-97742-2_3
    DOI: 10.1057/9780333977422_3
    as

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