Local determinacy of prices in an overlapping generations model with continuous trading
Article dans une revue: We characterize the determinacy properties of the intertemporal equilibrium for a continuous-time, pure-exchange, overlapping generations economy with logarithmic preferences. Using recent advances in the theory of functional differential equations, we show that the equilibrium is locally unique and that prices converge to a balanced growth path and are determined.
Auteur(s)
Hippolyte d’Albis, Emmanuelle Augeraud-Véron, Hermen Jan Hupkes
Revue
- Journal of Mathematical Economics
Date de publication
- 2015
Mots-clés
- Overlapping generations models
- Local dynamics
- Existence
- Determinacy
- Functional differential equations
Pages
- 16-24
URL de la notice HAL
Version
- 1
Volume
- 58