Optimal growth and cycles in overlapping generations models
Optimal growth and cycles in overlapping generations models
复制标题
重叠世代模型中的最佳生长和周期
DOI：
10.1007/bf01213852
复制
发表时间：
1997
期刊：
影响因子：
1.3
通讯作者：
A. Venditti
中科院分区：
文献类型：
--
作者：
P. Michel;A. Venditti
本文在不假设代理人效用函数可分的情况下，研究了单部门重叠世代模型中最优路径的动力学性质。当效用函数可分时，最优增长路径单调收敛于修正的黄金法则稳定状态。在不可分的情况下，我们证明了最优增长路径可能是振荡的，并且可能存在最优的两期循环。将这些结果应用于利他主义模型，我们证明了经营性遗赠的条件是完全相容的内生波动的贴现因子是足够接近的。我们所有的结果都说明了使用Cobb-Douglas效用和生产函数。
This paper investigates the dynamical properties of optimal paths in one-sector overlapping generations models without assuming that the utility function of the representative agent is separable. When the utility function is separable, the optimal growth paths monotonically converges toward the modified golden rule steady state. In the non-separable case, we show that the optimal growth path may be oscillating and optimal two-period cycles may exist. Applying these results to the model with altruism, we show that the condition of operative bequest is fully compatible with endogeneous fluctuations provided that the discount factor is close enough to one. All our results are illustrated using Cobb-Douglas utility and production functions.