Alternative Dynamics and Stability Results in a Standard OLG Model: An Interpretation
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| Format: | Artículo científico |
| Langue: | en |
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Centro de Investigación y Docencia Económicas, A.C.
2004
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| _version_ | 1876435803738996736 |
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| author | César L. Guerrero Luchtenberg |
| author_facet | César L. Guerrero Luchtenberg |
| contents | Alternative Dynamics and Stability Results in a Standard OLG Model: An Interpretation César L. Guerrero Luchtenberg Economía y Finanzas OLG models Samuelson Case Garden of Eden Economy selection of equilibria Golden Rule Steady State In this paper we make a critique of the standard stability resultsalready established in a basic two period OLG model. Under an alternativeinterpretation (competitive financial markets), we are able toselect the test equilibrium in the long run, in such a way that the economycan reach the Golden Rule Steady State, even when at this interest rate,all young agents are creditors. We show that even if the economy startswith only young people referred to as the Garden of Eden Economy,it also reaches the Golden Rule Steady State. Additionally, as a by-productof this study, we obtain a complete characterization of the possibleequilibria. 2004 artículo científico 1665-2045 https://www.redalyc.org/articulo.oa?id=32313203 en http://www.redalyc.org/revista.oa?id=323 Economía Mexicana. Nueva Época application/pdf Centro de Investigación y Docencia Económicas, A.C. Economía Mexicana. Nueva Época (México) Num.2 Vol.XIII |
| format | Artículo científico |
| id | redalyc_32313203 |
| institution | Redalyc |
| language | en |
| publishDate | 2004 |
| publisher | Centro de Investigación y Docencia Económicas, A.C. |
| spellingShingle | Alternative Dynamics and Stability Results in a Standard OLG Model: An Interpretation César L. Guerrero Luchtenberg Economía y Finanzas OLG models Samuelson Case Garden of Eden Economy selection of equilibria Golden Rule Steady State Alternative Dynamics and Stability Results in a Standard OLG Model: An Interpretation César L. Guerrero Luchtenberg Economía y Finanzas OLG models Samuelson Case Garden of Eden Economy selection of equilibria Golden Rule Steady State In this paper we make a critique of the standard stability resultsalready established in a basic two period OLG model. Under an alternativeinterpretation (competitive financial markets), we are able toselect the test equilibrium in the long run, in such a way that the economycan reach the Golden Rule Steady State, even when at this interest rate,all young agents are creditors. We show that even if the economy startswith only young people referred to as the Garden of Eden Economy,it also reaches the Golden Rule Steady State. Additionally, as a by-productof this study, we obtain a complete characterization of the possibleequilibria. 2004 artículo científico 1665-2045 https://www.redalyc.org/articulo.oa?id=32313203 en http://www.redalyc.org/revista.oa?id=323 Economía Mexicana. Nueva Época application/pdf Centro de Investigación y Docencia Económicas, A.C. Economía Mexicana. Nueva Época (México) Num.2 Vol.XIII |
| title | Alternative Dynamics and Stability Results in a Standard OLG Model: An Interpretation |
| topic | Economía y Finanzas OLG models Samuelson Case Garden of Eden Economy selection of equilibria Golden Rule Steady State |
| url | https://www.redalyc.org/articulo.oa?id=32313203 |