Optimal policy in OG models
成果类型：
Article
署名作者：
Ghiglino, C; Tvede, M
署名单位：
Copenhagen Business School; University of Copenhagen
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1999.2561
发表日期：
2000
页码：
62-83
关键词：
摘要：
In the present paper general stationary overlapping generations economies with many commodities in every period and many different consumers in every generation are considered. A government maximizes a utilitarian social welfare function, which is the sum of weighted averages of utilities for generations, through fiscal policy, i.e., monetary transfers and taxes. Situations both with and without time discounting are considered. It is shown that if the discount factor is sufficiently close to one then the optimal policy stabilizes the economy, i.e. the equilibrium path has the turnpike property. Moreover the fiscal policy is shown to be time-consistent. Classification Numbers: D51, D91, E32, E52, H20 (C) 2000 Academic Press.