PARETO OPTIMALITY OF THE GOLDEN RULE EQUILIBRIUM IN AN OVERLAPPING GENERATIONS MODEL WITH PRODUCTION AND TRANSFERS

• Tipo: Artigo em Revista Científica Internacional
• Data: 2015

Autores

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

Revista

Título: Macroeconomic Dynamics

Vol. 19

Páginas: 1780-1799

ISSN: 1365-1005

Editora: Cambridge University Press

Indexação

ISI Web of Knowledge - 4 Citações

Scopus - 4 Citações

Outras Informações

ID Authenticus: P-017-3SA

DOI: 10.1017/s1365100514000108

Abstract (EN): The main result is that the golden rule equilibrium (GRE) is Pareto optimal (in the classical sense) in an overlapping generations (OG) model with constant-returns-to-scale production, transfers, arbitrary life-time productivity and homogeneous instantaneous felicity. In addition, we extend Cass and Yaari's equivalence between efficiency (aggregate consumption dominance) and present value dominance (with evaluation made using a candidate equilibrium price path).

Idioma: Inglês

Tipo (Avaliação Docente): Científica

Nº de páginas: 20