Regularity of a general equilibrium in a model with infinite past and future

• Tipo: Artigo em Revista Científica Internacional
• Data: 2018

Autores

Gorokhovsky, A (Autor) Outra; Rubinchik, A (Autor) Outra

Revista

Título: Journal of Mathematical Economics

Vol. 74

Páginas: 35-45

ISSN: 0304-4068

Editora: Elsevier

Indexação

ISI Web of Knowledge - 2 Citações

Scopus - 1 Citação

Outras Informações

ID Authenticus: P-017-3SC

DOI: 10.1016/j.jmateco.2017.10.006

Abstract (EN): We develop easy-to-verify conditions to assure that a comparative statics exercise in a dynamic general equilibrium model is feasible, i.e., the implicit function theorem is applicable. Consider an equilibrium equation, ¿(k,E)=k of a model where an equilibrium variable (k) is a continuous bounded function of time, real line, and the policy parameter (E) is a locally integrable function of time. The key conditions are time invariance of ¿ and the requirement that the Fourier transform of the derivative of ¿ with respect to k does not return unity. Further, in a general constant-returns-to-scale production and homogeneous life-time-utility overlapping generations model we show that the first condition is satisfied at a balanced growth equilibrium and the second condition is satisfied for ¿almost all¿ policies that give rise to such equilibria.

Idioma: Inglês

Tipo (Avaliação Docente): Científica

Nº de páginas: 11