REGULARITY AND STABILITY OF EQUILIBRIA IN AN OVERLAPPING GENERATIONS GROWTH MODEL

• Tipo: Artigo em Revista Científica Internacional
• Data: 2019

Autores

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

Revista

Título: Macroeconomic Dynamics

Vol. 23

Páginas: 699-729

ISSN: 1365-1005

Editora: Cambridge University Press

Indexação

ISI Web of Knowledge - 1 Citação

Scopus - 3 Citações

Outras Informações

ID Authenticus: P-017-3SF

DOI: 10.1017/s1365100516001334

Abstract (EN): In an exogenous-growth economy with overlapping generations, the Cobb-Douglas production, any positive life-cycle productivity, and time-separable constant elasticity of substitution (CES) utility, we analyze local stability of a balanced growth equilibrium (BGE) with respect to changes in consumption endowments, which could be interpreted as a transfer policy. We show that generically, in the space of parameters, equilibria around a BGE are locally unique and are locally differentiable functions of endowments, with derivatives given by kernels. Furthermore, those equilibria are stable in the sense that the effects of temporary changes decay exponentially toward ±¿.

Idioma: Inglês

Tipo (Avaliação Docente): Científica

Nº de páginas: 31