A Stationary Markov Equilibrium in an OLG Model
This paper provides suffcient conditions on the technology and preferences, under which the optimal savings-consumption policy is unique, and a stationary Markov equilibrium exists for an overlapping generation economy. Comparing with Wang (1993), our conditions on the uniqueness of optimal policy function are more general, and our conditions on the existence of equilibria depend on the exogenous parameters in the model instead of on endogenous variables.
|Date of creation:||08 Feb 2012|
|Date of revision:|
|Contact details of provider:|| Web page: http://cema.cufe.edu.cn/|
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- Wang Yong, 1993. "Stationary Equilibria in an Overlapping Generations Economy with Stochastic Production," Journal of Economic Theory, Elsevier, vol. 61(2), pages 423-435, December.
- Galor, Oded & Ryder, Harl E., 1989. "Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital," Journal of Economic Theory, Elsevier, vol. 49(2), pages 360-375, December.
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