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Please use this identifier to cite or link to this item: http://hdl.handle.net/10400.5/2651

Title: Equilibrium price dynamics in an overlapping-generations exchange economy
Authors: Brito, Paulo
Dilão, Rui
Keywords: Arrow-Debreu equilibrium
overlapping generations models
McKendrick model
Issue Date: 2006
Publisher: ISEG – Departamento de Economia
Citation: Brito, Paulo e Rui Dilão. 2006. "Equilibrium price dynamics in an overlapping-generations exchange economy". Instituto Superior de Economia e Gestão - DE Working papers nº 27-2006/DE/UECE
Series/Report no.: DE Working papers;nº 27-2006/DE/UECE
Abstract: We present a continuous time overlapping generations model for an endowment Arrow-Debreu economy with an age-structured popu¬lation. For an economy with a balanced growth path, we prove that Arrow-Debreu equilibrium prices exist, and their dynamic properties are age-dependent. Our model allows for an explicit dependence of prices on critical age-specific endowment parameters. We show that, if endowments are distributed earlier than some critical age, then spec¬ulative bubbles for prices do exist.
URI: http://hdl.handle.net/10400.5/2651
ISSN: 0874-4548
Publisher version: https://aquila1.iseg.utl.pt/aquila/getFile.do?method=getFile&fileId=26463
Appears in Collections:UECE - Documentos de Trabalho / UECE - Working Papers
DE - Documentos de trabalho / Working Papers

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