Local determinacy of prices in an overlapping generations model with continuous trading
Langue
EN
Article de revue
Ce document a été publié dans
Journal of Mathematical Economics. 2015-05-01, vol. 58, p. 16-24
Résumé en anglais
We characterize the determinacy properties of the intertemporal equilibrium for a continuous-time, pure-exchange, overlapping generations economy with logarithmic preferences. Using recent advances in the theory of functional ...Lire la suite >
We characterize the determinacy properties of the intertemporal equilibrium for a continuous-time, pure-exchange, overlapping generations economy with logarithmic preferences. Using recent advances in the theory of functional differential equations, we show that the equilibrium is locally unique and that prices converge to a balanced growth path and are determined.< Réduire
Mots clés en anglais
Overlapping generations models
Local dynamics
Existence
Determinacy
Functional differential equations
Unités de recherche