Please wait a minute...
Frontiers of Economics in China

ISSN 1673-3444

ISSN 1673-3568(Online)

CN 11-5744/F

邮发代号 80-978

Frontiers of Economics in China  2017, Vol. 12 Issue (2): 268-279   https://doi.org/10.3868/s060-006-017-0012-3
  本期目录
Competitive Equilibrium in an Overlapping Generations Model with Production Loans
Dihai Wang1(), Gaowang Wang2(), Heng-fu Zou3()
1. School of Economics, Fudan University, Shanghai 200433, China
2. Center for Economic Research, Shandong University, Jinan 250100, China
3. China Economics and Management Academy, Central University of Finance and Economics, Beijing 100083, China
 全文: PDF(343 KB)  
Abstract

The paper shows that there do exist two kinds of steady states equilibria in the overlapping generations models with consumption and production loans, similar to the pure exchange economies examined by Gale (1973). Furthermore, the local stability properties of these two (kinds of) steady states are also investigated: In the classical case, the golden-rule steady state is stable and the balanced steady state is saddle-point stable; however, in the Samuelson case, the golden-rule steady state is saddle-point stable and the balanced steady state is stable.

Key wordsmultiple equilibria    overlapping generations model    production loans
出版日期: 2017-07-17
 引用本文:   
. [J]. Frontiers of Economics in China, 2017, 12(2): 268-279.
Dihai Wang, Gaowang Wang, Heng-fu Zou. Competitive Equilibrium in an Overlapping Generations Model with Production Loans. Front. Econ. China, 2017, 12(2): 268-279.
 链接本文:  
https://academic.hep.com.cn/fec/CN/10.3868/s060-006-017-0012-3
https://academic.hep.com.cn/fec/CN/Y2017/V12/I2/268
Viewed
Full text


Abstract

Cited

  Shared   
  Discussed