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.
- 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.
- Christian Ghiglino & Mich Tvede, 1993.
"Endowments, Stability and Fluctuations in OG Models,"
Research Papers by the Institute of Economics and Econometrics, Geneva School of Economics and Management, University of Geneva
93.04, Institut d'Economie et Econométrie, Université de Genève.
- Ghiglino, Christian & Tvede, Mich, 1995. "Endowments, stability, and fluctuations in OG models," Journal of Economic Dynamics and Control, Elsevier, vol. 19(3), pages 621-653, April.
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