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  • 1
    Electronic Resource
    Electronic Resource
    Optimal growth and cycles in overlapping generations models (1997)
    Springer
    Economic theory 9 (1997), S. 511-528 
    Details
    ISSN: 1432-0479
    Keywords: D90
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary 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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01213852
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    Paper (German National Licenses)
    Fulltext
  • 2
    Electronic Resource
    Electronic Resource
    Optimal growth and cycles in overlapping generations models (1997)
    Springer
    Economic theory 9 (1997), S. 511-528 
    Details
    ISSN: 1432-0479
    Keywords: JEL Classification Number: D90.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary.  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 twoperiod 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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001990050139
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    Paper (German National Licenses)
    Fulltext
  • 3
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    Competitive equilibrium cycles for small discounting in discrete-time two-sector optimal growth models (2019)
    De Gruyter
    Details
    Publication Date: 2019-04-17
    Description: We study the existence of endogenous competitive equilibrium cycles under small discounting in a two-sector discrete-time optimal growth model. We provide precise concavity conditions on the indirect utility function leading to the existence of period-two cycles with a critical value for the discount factor that can be arbitrarily close to one. Contrary to the continuous-time case where the existence of periodic-cycles is obtained if the degree of concavity is close to zero, we show that in a discrete-time setting the driving condition does not require a close to zero degree of concavity but a symmetry of the indirect utility function’s concavity properties with respect to its two arguments.
    Print ISSN: 1081-1826
    Electronic ISSN: 1558-3708
    Topics: Mathematics , Economics
    Published by De Gruyter
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