A note on heterogeneity, inefficiency, and indeterminacy with Ricardian preferences
成果类型：
Article
署名作者：
Cozzi, G
署名单位：
Cornell University; Sapienza University Rome
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.2000.2681
发表日期：
2001
页码：
191-202
关键词：
摘要：
The main issue raised in this note is the nonequivalence between the infinite-horizon model where agents are infinitely lived and the successive generations model with altruistic finitely lived agents: in the presence of a nonnegative bequest requirement, endowment heterogencity imposes a revision of the acritical adoption of the infinitely lived agent representation in modern macro-economics. By analysing nonstationary monetary equilibria in a reinterpretation of Townsend's tumpike model. this paper shows how the traditional issues of market inefficiency and indeterminacy of overlapping generations models carry over into modern macroeconomics through the natural finiteness or human lives despite well behaved Ricardian altruism. (C) 2001 Academic Press.
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