No-trade and uniqueness of steady-states
In the present paper a stationary overlapping-generations model with many different consumers and commodities is considered. The main result is that economies with endowments near no-trade equilibria with equal prices have a unique balanced steady-state and a unique golden rule steady-state. These results are obtained generically in utility functions and do not depend on whether the utility functions are of the discounted form or not.
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- Balasko, Yves & Shell, Karl, 1980. "The overlapping-generations model, I: The case of pure exchange without money," Journal of Economic Theory, Elsevier, vol. 23(3), pages 281-306, December.
- Ghiglino, Christian & Tvede, Mich, 1995.
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- Benveniste, Lawrence M & Cass, David, 1986. "On the Existence of Optimal Stationary Equilibria with a Fixed Supply of Fiat Money: I. The Case of a Single Consumer," Journal of Political Economy, University of Chicago Press, vol. 94(2), pages 402-17, April.
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