An integral equation representation for overlapping generations in continuous time

• 成果类型: Article
• 署名作者: Edmond, Chris
• 署名单位: New York University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2008.03.006
• 发表日期: 2008
• 页码: 596-609
• 关键词: Overlapping generations; continuous time; life-cycle; Intertemporal prices

摘要

This paper develops a method for solving for the dynamic general equilibrium of a deterministic continuous time overlapping generations model with a finite-horizon life-cycle. The model has isoelastic preferences and allows for general assumptions about individual endowments and demographics. Solving for an equilibrium reduces to solving a nonlinear integral equation. In the special case of log utility, the integral equation is linear and global approximations to a solution are easily computed with linear algebra. (C) 2008 Elsevier Inc. All rights reserved.