UNIQUENESS OF STEADY STATES IN MODELS WITH OVERLAPPING GENERATIONS
成果类型：
Article; Proceedings Paper
署名作者：
Kubler, Felix; Schmedders, Karl
署名单位：
Swiss Finance Institute (SFI); University of Zurich
刊物名称：
JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
ISSN/ISSBN：
1542-4766
DOI：
10.1111/j.1542-4774.2010.tb00533.x
发表日期：
2010
页码：
635-644
关键词：
摘要：
In this paper we examine the likelihood of multiple real steady states in deterministic exchange economies with overlapping generations. There is a single good and a single agent per generation with constant relative risk aversion expected utility. In order to test for multiple equilibria we employ methods from computational algebraic geometry. In our examples, we find that multiplicity becomes less likely as the life span of agents increases but becomes more likely as the coefficient of risk aversion increases. For moderate values of risk aversion, multiplicity is very unlikely when agents live for five or more periods. (JEL: C61, C63, D50, D58)
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