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
Version
  • 1
Volume
  • 58