Stationary Equilibria in an Overlapping Generations Economy with Stochastic Production
Stationary Equilibria in an Overlapping Generations Economy with Stochastic Production
复制标题
具有随机生产的代际重叠经济中的平稳均衡
DOI：
10.1006/jeth.1993.1076
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发表时间：
1993
影响因子：
1.6
通讯作者：
Yong Wang
中科院分区：
文献类型：
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作者：
Yong Wang
本文将Galor和Ryder（J.Econ.Theory49（1989），360-375）中关于非平凡稳态均衡的存在性、唯一性和稳定性的分析推广到具有随机生产的世代重叠经济中。该研究建立了非平凡平稳平衡点存在的充分条件以及全局唯一且稳定的非平凡平稳平衡点的存在性。它表明，存在一个非平凡的平稳平衡是不保证传统的正则性条件的生产函数和偏好。此外，长期均衡的多样性和不确定性似乎是司空见惯的。经济文献分类号：C62、E13、O 41。
Abstract This paper generalizes the analyses of the existence, uniqueness, and stability of a non-trivial steady-state equilibrium in Galor and Ryder (J. Econ. Theory49 (1989), 360–375) to an overlapping generations economy with stochastic production. The study establishes sufficient conditions for the existence of a non-trivial stationary equilibrium as well as for the existence of a globally unique and stable non-trivial stationary equilibrium. It is shown that the existence of a non-trivial stationary equilibrium is not assured by conventional regularity conditions on the production function and preferences. Furthermore, multiplicity and indeterminacy of long-run equilibria appear to be commonplace. Journal of Economic Literature Classification Numbers: C62, E13, O41.