Equilibria in an overlapping generations model with transfer policies and exogenous growth

• Tipo: Artigo em Revista Científica Internacional
• Data: 2013

Autores

Mertens, JF (Autor) Outra; Rubinchik, A (Autor) Outra

Revista

Título: Economic Theory

Vol. 54

Páginas: 537-595

ISSN: 0938-2259

Editora: Springer Nature

Indexação

ISI Web of Knowledge - 7 Citações

Scopus - 7 Citações

Outras Informações

ID Authenticus: P-017-3S7

DOI: 10.1007/s00199-012-0725-z

Abstract (EN): For an overlapping generations economy with varying life-cycle productivity, non-stationary endowments, continuous time starting at -¿ (hence allowing for full anticipation), constant-returns-to-scale production and ces utility, we fully characterise equilibria where output is higher than investment, which is strictly positive. Net assets (aggregate savings minus the value of the capital stock) are constant in any equilibrium, and, for balanced growth equilibria (bge, defined for an economy with stationary endowments), net assets are non-zero only in the golden rule equilibrium, in accord with Gale (1973). The number of bge is finite. Their parity, however, depends on the life-cycle productivity, in particular, on the relation between the intertemporal elasticity of substitution, the minimal working age and the minimal tax age. © 2012 Springer-Verlag Berlin Heidelberg.

Idioma: Inglês

Tipo (Avaliação Docente): Científica

Nº de páginas: 59