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Overlapping Generations Models of General Equilibrium

The OLG model of Allais and Samuelson retains the methodological assumptions of agent optimization and market clearing from the Arrow-Debreu model, yet its equilibrium set has different properties: Pareto inefficiency, indeterminacy, positive valuation of money, and a golden rule equilibrium in which the rate of interest is equal to population growth (independent of impatience). These properties are shown to derive not from market incompleteness, but from lack of market clearing "at infinity;" they can be eliminated with land or uniform impatience. The OLG model is used to analyze bubbles, social security, demographic effects on stock returns, the foundations of monetary theory, Keynesian vs. real business cycle macromodels, and classical vs. neoclassical disputes.

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File URL: http://cowles.econ.yale.edu/P/cd/d16b/d1663.pdf
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Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1663.

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Length: 40 pages
Date of creation: May 2008
Date of revision:
Publication status: Published in Steven N. Durlauf and Lawrence E. Blume, eds., The New Palgrave Dictionary of Economics, 2d ed., 2008
Handle: RePEc:cwl:cwldpp:1663
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  1. DEBREU, Gérard, . "Economies with a finite set of equilibria," CORE Discussion Papers RP -67, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Geanakoplos, J. D. & Polemarchakis, H. M., 1984. "Intertemporally separable, overlapping-generations economies," Journal of Economic Theory, Elsevier, vol. 34(2), pages 207-215, December.
  3. Chris Shannon & William R. Zame, 2002. "Quadratic Concavity and Determinacy of Equilibrium," Econometrica, Econometric Society, vol. 70(2), pages 631-662, March.
  4. Cass, David & Shell, Karl, 1983. "Do Sunspots Matter?," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 193-227, April.
  5. John Geanakoplos & Michael Magill & Martine Quinzii, 2002. "Demography and the Long-run Predictability of the Stock Market," Cowles Foundation Discussion Papers 1380R, Cowles Foundation for Research in Economics, Yale University, revised Jul 2004.
  6. Benhabib, Jess & Day, Richard H., 1982. "A characterization of erratic dynamics in, the overlapping generations model," Journal of Economic Dynamics and Control, Elsevier, vol. 4(1), pages 37-55, November.
  7. Balasko, Yves & Cass, David & Shell, Karl, 1980. "Existence of competitive equilibrium in a general overlapping-generations model," Journal of Economic Theory, Elsevier, vol. 23(3), pages 307-322, December.
  8. David Cass & Menahem E. Yaari, 1965. "A Re-Examination of the Pure Consumption Loans Model," Cowles Foundation Discussion Papers 195, Cowles Foundation for Research in Economics, Yale University.
  9. John Geanakoplos & Polemarchakis, Heracles M., 1985. "Walrasian Indeterminacy and Keynesian Macroeconomics," Cowles Foundation Discussion Papers 778, Cowles Foundation for Research in Economics, Yale University.
  10. Benhabib, Jess & Nishimura, Kazuo, 1983. "Competitive Equilibrium Cycles," Working Papers 83-30, C.V. Starr Center for Applied Economics, New York University.
  11. Muller, Walter III & Woodford, Michael, 1988. "Determinacy of equilibrium in stationary economies with both finite and infinite lived consumers," Journal of Economic Theory, Elsevier, vol. 46(2), pages 255-290, December.
  12. Cass, David, 1972. "On capital overaccumulation in the aggregative, neoclassical model of economic growth: A complete characterization," Journal of Economic Theory, Elsevier, vol. 4(2), pages 200-223, April.
  13. John Geanakoplos & Donald J. Brown, 1985. "Comparative Statics and Local Indeterminacy in OLG Economies: An Application of the Multiplicative Ergodic Theorem," Cowles Foundation Discussion Papers 773, Cowles Foundation for Research in Economics, Yale University.
  14. Shell, Karl, 1971. "Notes on the Economics of Infinity," Journal of Political Economy, University of Chicago Press, vol. 79(5), pages 1002-11, Sept.-Oct.
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