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Local determinacy of prices in an overlapping generations model with continuous trading
Language
EN
Article de revue
This item was published in
Journal of Mathematical Economics. 2015-05-01, vol. 58, p. 16-24
English Abstract
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 ...Read more >
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.Read less <
English Keywords
Overlapping generations models
Local dynamics
Existence
Determinacy
Functional differential equations