2 edition of **Regularity in overlapping generations exchange economies** found in the catalog.

- 381 Want to read
- 5 Currently reading

Published
**1983**
by Dept. of Economics, Massachusetts Institute of Technology in Cambridge, Mass
.

Written in English

**Edition Notes**

Other titles | Overlapping generations exchange economies, Regularity in. |

Statement | Timothy J. Kehoe, David K. Levine |

Series | WP -- Number 314, Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 314. |

Contributions | Levine, David K. |

The Physical Object | |
---|---|

Pagination | 35 p. : |

Number of Pages | 35 |

ID Numbers | |

Open Library | OL24627846M |

OCLC/WorldCa | 12833195 |

This book contains an analysis of overlapping generations economies. Both traditional issues of microeconomics such as the existence of equilibrium & optimality of equilibrium allocations & new issues such as fluctuations, exchange rates & endogenous growth are studied. Obviously economic agents can diﬁer in many respects. A fundamental characteristic of overlapping generations (OLG) models is that there are agents from diﬁerent age groups (or cohorts) alive at the same time. Just like in the section on two-period economies, we .

Note that the regularity theory for infinite economies stops short of Arrow–Debreu regularity. In the finite economies, with probability one all the equilibria are regular. The title of his book, T.J., and D.K. Levine. Regularity in overlapping generations exchange economies. Journal of Mathematical Economics 69– JOURNAL OF ECONOMIC THE () The Overlapping-Generations Model, I: The Case of Pure Exchange without Money* YVES BALASKO" AND KARL SHELL$ t Universite Paris 1 and CEPREMAP, Paris, France t CARESS, Philadelphia, Pennsylvania Received October 4, ; revised January 2, 1.

Markus K. Brunnermeier, Martin Oehmke, in Handbook of the Economics of Finance, OLG Frictions and Market Incompleteness. A well-known example of a bubble that can survive because of a friction inherent in the structure of the underlying economic model is fiat money in an overlapping generations (OLG) model (Samuelson, ). “Regularity in Overlapping Generations Exchange Economies,” Journal of Mathematical Economics, 13 (), 69–93, with David K. Levine. “A Computational General Equilibrium Model with Endogenous Unemployment: An Analysis of the Fiscal Reform in Mexico,” Journal of Public Economics, 22 (), 1–26, with Jaime Serra- Puche.

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Kehoe & D. Levine, "Regularity in Overlapping Generations Exchange Economies," Working papersMassachusetts Institute of Technology (MIT), Department of Economics.

Timothy J. Kehoe & David K. Levine, "Regularity in Overlapping Generations Exchange Economies," Levine's Working Paper ArchiveDavid K. Levine. "Regularity in Overlapping Generations Exchange Economies,". 'RegularityinOverlappingGenerationsExchangeEoonomiea.

* Huinber December RevisedApril / / DepartmentofEconomics,M.I.T. "Regularity in overlapping generations exchange economies," Journal of Mathematical Economics, Elsevier, vol. 13(1), pagesApril. Kehoe & D.

Levine, " Regularity in Overlapping Generations Exchange Economies," Working papersMassachusetts Institute of Technology (MIT), Department of Economics. Regularity in Overlapping Generations Exchange Economies By Timothy Kehoe Get PDF ( KB)Author: Timothy Kehoe.

Download PDF: Sorry, we are unable to provide the full text but you may find it at the following location(s): (external link). Balasko, Y., and K. Shell. The overlapping-generations model, I: The case of pure exchange without money. Journal of Economic Theory – CrossRef Google Scholar.

"Regularity in Overlapping Generations Exchange Economies," Levine's Working Paper ArchiveDavid K. Levine. Kehoe, Timothy J. & Levine, David K., " The economics of indeterminacy in overlapping generations models," Journal of Public Economics.

Downloadable. In the present paper stationary pure-exchange overlapping generations economies with l goods per date and m consumers per generation are considered.

It is shown that for an open and dense set of utility functions there exist endowment vectors such that n-cycles exist for n ≤ l +1 and l ≤ m. The approach to existence of endogenous fluctuations is basic in the sense that the.

Abstract. The consumption loan model that Paul Samuelson introduced in to analyse the rate of interest, with or without the social contrivance of money, has developed into what is without doubt the most important and influential paradigm in neoclassical general equilibrium theory outside of the Arrow–Debreu economy.

Downloadable (with restrictions). In the present paper stationary pure-exchange overlapping generations economies with L goods per date and M consumers per generation are considered. It is shown that for an open and dense set of utility functions there exist endowment vectors such that N-cycles exist for N less than or equal to L+1 and L less than or equal to M.

intermediate level.1 Concretely, we integrate an overlapping generations structure and assume We would like to thank Aleksander Berentsen, Randall Wright, and Cyril Monnet for very helpful com-ments.

Samuel Huber is a research fellow at the Department of Economic Theory, University of Basel. E-mail. In the past two decades the overlapping generations (OG) model has become a dominant framework in macroeconomic analysis. This book provides a clear and self-contained introduction to OG ng with the existence of equilibrium and the optimality of allocations, the discussion then turns to properties of equilibria, including the existence of fluctuations and sunspot equilibria Format: Paperback.

Pure exchange equilibrium of dynamic economic models. Journal of Economic Theory 6(1), 12– T.J. and Levine, D.K. Regularity in overlapping generations exchange economies. Journal of Mathematical Econom 69– CrossRef Google Scholar. eBook Packages Palgrave Economics & Finance Collection; Buy this book on publisher's.

This abstract economy is ﬁisomorphicﬂto the baseline overlapping generations model. The Pareto suboptimality in this economy will be the source of potential ine¢ ciencies in overlapping generations model. Daron Acemoglu (MIT) Economic Growth Lecture 8 Novem 6 / Growth in Overlapping Generation Economies with Non-Renewable Resources ABSTRACT: Feasibility of positive steady-state growth in overlapping genera-tion (OLG) economies that use non-renewable resources as essential inputs in Polemarchakis [12], for a pure exchange economy.3 The paper is organized in the following way.

Section 2 presents the. Overlapping Generations Economies - by Mich Tvede (Paperback) $ ending with applications to the theories of exchange rates and endogenous growth. Throughout the book, OG economies are compared and contrasted with optimal growth economies.

The presentation includes detailed proofs of results as well as illustrative examples. Stationary overlapping-generations models can exhibit fluctuations. However, the fluctuations, which have been studied by Benhabib and Day (Journal of Economic Dynamics and Control,4, 37—55), Gale (Journal of Economic Theory,6, 12–36) Grandmont (Econometrica,53, –) and others, are not in the core even though they are Pareto.

A definition and an existence result are given for quasiequilibria in abstract economies with a (possibly) countably infinite set of agents and infinite dimensional choice sets.

Applied to the overlapping generations exchange model, this result allows us to prove the existence of equilibria when the commodity space in each period is some. CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): This study describes a model built on the long-held view that the use of money as a medium of exchange is the result of an absence of double coincidence of wants.

The model can account for two of the most challenging observations facing monetary theory: the disparate short-run and long-run effects of changes in the. For the case of exchange economies with one agent per generation, Hendricks et al.

[ and Esteban [9] have demonstrated that all Pareto optimal Walrasian equilibria belong to the core. We know that in overlapping generations economies Walrasian equilibria might not be.

OVERLAPPING GENERATIONS ECONOMIES Pareto optimal and thus cannot.The overlapping generations (OLG) model is one of the dominating frameworks of analysis in the study of macroeconomic dynamics and economic contrast, to the Ramsey–Cass–Koopmans neoclassical growth model in which individuals are infinitely-lived, in the OLG model individuals live a finite length of time, long enough to overlap with at least one period of another agent's life.

JOURNAL OF ECONOMIC THE () Non -connectedness of the Set of Equilibrium Money Prices: The Overlapping-Generations Economy JAMES PECK J.

L. Kellogg Graduate School of Management, Northwestern University, Evanston, Illinois Received Decem ; revised Aug Consider the overlapping-generations economy with nominal .