Stationary Equilibria in an Overlapping Generations Economy with Stochastic Production
Research output: Journal Publications and Reviews › RGC 62 - Review of books or of software (or similar publications/items) › peer-review
Author(s)
Detail(s)
| Original language | English |
|---|---|
| Pages (from-to) | 423-435 |
| Journal / Publication | Journal of Economic Theory |
| Volume | 61 |
| Issue number | 2 |
| Publication status | Published - Dec 1993 |
| Externally published | Yes |
Link(s)
Abstract
This paper generalizes the analyses of the existence, uniqueness, and stability of a non-trivial steady-state equilibrium in Galor and Ryder (J. Econ. Theory49 (1989), 360-375) to an overlapping generations economy with stochastic production. The study establishes sufficient conditions for the existence of a non-trivial stationary equilibrium as well as for the existence of a globally unique and stable non-trivial stationary equilibrium. It is shown that the existence of a non-trivial stationary equilibrium is not assured by conventional regularity conditions on the production function and preferences. Furthermore, multiplicity and indeterminacy of long-run equilibria appear to be commonplace. Journal of Economic Literature Classification Numbers: C62, E13, O41. © 1993 Academic Press. All rights reserved.
Citation Format(s)
Stationary Equilibria in an Overlapping Generations Economy with Stochastic Production. / Wang, Yong.
In: Journal of Economic Theory, Vol. 61, No. 2, 12.1993, p. 423-435.
In: Journal of Economic Theory, Vol. 61, No. 2, 12.1993, p. 423-435.
Research output: Journal Publications and Reviews › RGC 62 - Review of books or of software (or similar publications/items) › peer-review
