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Digitized by the Internet Archive in 2011 with Funding from Boston Library Consortium Iviember Libraries Working Paper Department of Economics - @bullet /regularity-in Overlapping Generations Exchange Economies
| Content Provider | Semantic Scholar |
|---|---|
| Author | Levine, David K. |
| Copyright Year | 2011 |
| Abstract | In this paper we develop a regularity theory for stationary overlapping generations economies. ¥e show that generically there are an odd number of steady states in which a non-zero amount of nominal debt (fiat money) is passed from generation to generation and an odd number in which there is no nominal debt. We are also interested in non-steady state perfect foresight paths. As a first step in this direction we analyze the behavior of paths near a steady state. We show that generically they are given by a second order difference equation that satisfies strong regularity properties. Economic theory alone imposes little restriction on these paths: With n goods, for example, the only restriction on the set of paths converging to the steady state is that they form a manifold of dimension no less than one , |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | http://dspace.mit.edu/bitstream/handle/1721.1/64112/regularityinover00keho.pdf?sequence=1 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
