Fluctuations in Overlapping Generations Economies

Publikation: Working paperForskning

Dokumenter

  • DP 09-05

    Forlagets udgivne version, 602 KB, PDF-dokument

  • Mich Tvede
In the present paper stationary pure-exchange overlapping generations economies with l  goods per date and m consumers per generation are considered. It is shown that for an open and dense set of utility functions there exist endowment vectors such that n-cycles exist for n = l +1 and l  = m. The approach to existence of endogenous fluctuations is basic in the sense that the prime ingredients are the implicit function theorem and linear algebra. Moreover the approach is applied to show that for an open and dense set of utility functions there exist endowment vectors such that sunspot equilibria, where prices at every date only depends on the state at that date, exist.
OriginalsprogEngelsk
UdgiverDepartment of Economics, University of Copenhagen
Antal sider17
StatusUdgivet - 2009

Bibliografisk note

JEL classification: D51, E32

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