A Two-Sector Overlapping-Generations Model: A Global Characterization of the Dynamical System
A Two-Sector Overlapping-Generations Model: A Global Characterization of the Dynamical System
复制标题
两部门重叠代模型：动力系统的全局表征
DOI：
10.2307/2951525
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发表时间：
1992
期刊：
影响因子：
6.1
通讯作者：
Oded Galor
中科院分区：
文献类型：
--
作者：
Oded Galor
本文建立了一个两部门的代际模型。它描述了动力系统的全局特征，并建立了全局唯一完美预见平衡点存在的充分条件。因此，它提供了一个有用的框架，全球动态分析的现象，其建模需要一个多维的商品空间。分析表明，在这种生产经济中，消费的总替代性不足以保证均衡的确定性。然而，如果投资品是资本密集型的，而两个时期生活的个人的第二时期消费是正常的，那么完全预见均衡是全球唯一的。版权所有1992年由计量经济学会。
This paper develops a two-sector overlapping-generations model. It characterizes the dynamical system globally and establishes sufficient conditions for the existence of a globally unique perfect-foresight equilibrium. It provides, therefore, a useful framework for global dynamic analysis of phenomena whose modeling requires a multidimensional commodity space. The analysis demonstrates that gross substitutability in consumption is not sufficient for the determinacy of equilibrium in this production economy. However, if in addition the investment good is capital intensive and second period consumption of two-period-lived individuals is a normal good, then the perfect-foresight equilibrium is globally unique. Copyright 1992 by The Econometric Society.