On equilibrium dynamics with many agents and wages paid ex ante
A model of economic growth with many agents and borrowing constraints is considered under the assumption that wages are paid ex ante. It is shown that, in contrast to the traditional case where wages are paid ex post, the convergence of equilibrium paths to a steady-state equilibrium occurs regardless of specifications of technology.
|Date of creation:||21 Apr 2011|
|Date of revision:||28 Apr 2011|
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