A Characterization of the Dynamical System in a Two-Sector Overlappinggenerations Model: The Case of Unbounded Growth

被引：0
|
作者：
Hiroyuki Hashimoto
Masaya Sakuragawa
机构：
[1] Kobe University of Commerce,
[2] Nagoya City University,undefined
来源：
The Japanese Economic Review | 1999年 / 50卷
关键词：
041;
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学科分类号：
摘要：
This paper characterizes perfect-foresight equilibria in a two-sector overlappinggenerations economy for the case of unbounded growth. The analysis demonstrates that gross substitutability in consumption is not sufficient to ensure the determinacy of equilibrium. Unlike Boldrin and Rustichini (1994), indeterminacy of equilibria can arise within the framework of an overlapping-generations model with convex technology. The finite time horizon of agents is the source of such indeterminacy.
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页码：138 / 147
页数：9
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