期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2000
卷号：2000
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：Equilibrium paths in an economy of overlapping generations are determinate.
Time is either discrete or continuous; in either case, it extend into the infinite
future and, possibly, the infinite past. There is one, non - storable commodity
at each date. The economy is stationary; intertemporal preferences are logar-
ithmic; the endowments and discount factors of individuals need not depend
continuously on time.
With continuous time, equilibrium paths of prices are smooth; this, even for
endowments and discount factors of individuals that do not depend continuously
on time.
With discrete time, as the number of periods in the life - span of individuals
increases, equilibrium paths converge to the continuous time solutions.
If time extends infinitely into the infinite past as well as into the infinite
future, in continuous time, all non - stationary equilibrium paths of prices are
time - shifts of a single path; in addition, there are two stationary solutions; in
discrete time, there is a one dimensional family of non - stationary solutions, up
to time - shift; however the indeterminacy vanishes as the number of periods in
the life span of individuals tends to infinity.
If, alternatively, time has a finite starting point, in discrete time the degree
of indeterminacy increases with the life - span of individuals, and, in continu-
ous time, it is infinite; however these are families of exponentially decreasing
oscillations which, although they may exhibit pseudo - chaotic behaviour for a
while, as time tends to infinity they all get damped, and asymptotic behaviour
is that of the economy that originates in the infinite past.
关键词：life - span, continuous time, overlapping generations, determin-
acy.
