Two-period cycles in a three-period overlapping generations model
成果类型：
Article
署名作者：
Bhattacharya, J; Russell, S
署名单位：
Indiana University System; Indiana University Indianapolis; Iowa State University
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1016/S0022-0531(03)00011-5
发表日期：
2003
页码：
378-401
关键词：
摘要：
We study the properties of two-period monetary cycles in simple pure exchange overlapping generations economies in which the households live for three periods. We demonstrate that these economics can support cycles under a much broader-and, arguably, more plausible-range of assumptions than the analogous two-period economies. We show that economies that fail the well-known Grandmont (Econometrica 53 (1985) 995) condition can have cycles, and that economies that satisfy the condition can fail to have cycles. In addition, we show that economies can have monetary cycles when they do not have conventional monetary steady states, and when aggregate demand for assets is not decreasing in the real return rate at a gross real rate of unity. (C) 2003 Elsevier Science (USA). All rights reserved.