Ramsey equilibrium in a two-sector model with heterogeneous households
成果类型：
Article
署名作者：
Becker, RA; Tsyganov, EN
署名单位：
Indiana University System; Indiana University Bloomington; Indiana University System; Indiana University Bloomington
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.2001.2886
发表日期：
2002
页码：
188-225
关键词：
摘要：
We prove an existence theorem for a stationary perfect foresight equilibrium under borrowing constraints in a two-sector model with infinitely lived heterogeneous agents. The most patient agent holds all the capital in this solution. We also show that if the capital goods sector is capital intensive and capital income is increasing in the aggregate capital stock, then the aggregate capital stock eventually is monotonic and converges to the steady state stock. If the consumption goods sector is more capital intensive and capital income is increasing in aggregate capital we prove convergence to the steady state under more restrictive conditions. Periodic equilibria are shown to exist under weaker hypotheses. Journal of Economic Literature Classification Numbers: D52, D90, E13. (C) 2002 Elsevier Science (USA).