Dynamic efficiency in overlapping generations models with stochastic production
نویسندگان
چکیده
منابع مشابه
Business Cycle Phenomena in Overlapping Generations Economies with Stochastic Production
This paper analyzes economic uctuations in an overlapping generations economy with productive capital in which random shocks in aggregate productivity are present. Under speci c assumptions we obtain an explicit solution of the model. Applying random dynamical systems theory, we can prove that the long-run behavior of the economy is uniquely described by an asymptotically stable random xed poin...
متن کاملApplying Negishi’s method to stochastic models with overlapping generations∗
In this paper we develop a Negishi approach to characterize recursive equilibria in stochastic models with overlapping generations. When competitive equilibria are Pareto-optimal, using Negishi-weights as a co-state variable has three major computational advantages over the standard approach of using the natural state: First, the endogenous state space is a unit simplex and thus easy to handle....
متن کاملOverlapping Generations Models with Immigration
In this work we develop overlapping generations models (OLG) which explicitly include immigration. In the following, we propose two general equilibrium models. In a first approach, we investigate the effect of a sudden variation in the number of immigrants on the host country to shed light on the welfare effects of immigration for the various generations of the host country’s population. Subseq...
متن کاملIndeterminacy of Stationary Equilibrium in Stochastic Overlapping Generations Models*
In this paper, we consider the local uniqueness properties of stationary rational expectations equilibria (REE) in a stochastic overlapping generations (OLG) model. It is known that in non-stochastic OLG models, steady-state equilibria are locally isolated, although there may exist indeterminate non-stationary perfect foresight equilibria. We show by construction that in the stochastic model, e...
متن کاملIndeterminacy and Asset Price Volatility in Stochastic Overlapping Generations Models∗
This paper addresses the e ects of indeterminacy on the volatility of asset prices in a stochastic overlapping generations model with 3-period lived agents. With complete markets, indeterminacy is characterized by the initial conditions and all equilibria converge to one of the deterministic steady states in the long run. With incomplete markets, the degree of indeterminacy is countably innite....
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 1990
ISSN: 0022-0531
DOI: 10.1016/0022-0531(90)90037-k