Dynamic Efficiency in a Two-Sector Overlapping Generations Model
This paper looks at the conditions under which we may have welfare improving capital accumulation in two-sector two-period overlapping generations models. It is found that both the usual conditions of the rate of interest exceeding the population growth rate and profits exceeding investment may give misleading answers. Finally, there is also the possibility of asset bubbles, even with dynamic efficiency.
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|Date of creation:||Oct 1997|
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