ON DYNAMICS AND THE CORE OF OG MODELS

Authors
GHIGLINO C TVEDE M
Citation
C. Ghiglino et M. Tvede, ON DYNAMICS AND THE CORE OF OG MODELS, Economics letters, 48(3-4), 1995, pp. 313-317
Citations number
8
Categorie Soggetti
Economics
Journal title
Economics letters → ACNP
ISSN journal
01651765
Volume
48
Issue
3-4
Year of publication
1995
Pages
313 - 317
Database
ISI
SICI code
0165-1765(1995)48:3-4<313:ODATCO>2.0.ZU;2-C
Abstract
Stationary overlapping-generations models can exhibit fluctuations. Ho wever, the fluctuations, which have been studied by Benhabib and Day ( Journal of Economic Dynamics and Control, 1982, 4, 37-55), Gale (Journ al of Economic Theory, 1973, 6, 12-36) Grandmont (Econometrica, 1985, 53, 995-1046) and others, are not in the core even though they are Par eto-optimal. In the present paper, it is shown that general stationary overlapping-generation economies can have periodic equilibria in the core.