STATIONARY RAMSEY-EQUILIBRIA UNDER UNCERTAINTY

Deterministic dynamic equilibrium models with borrowing constraints an d heterogeneous agents exhibit stationary solutions where thr most pat ient household owns the economy's capital stock;. An example shows tha t this result does not carry over to stationary stochastic environment s. Wa prove, under some conditions, tile existence of a stationary rat ional expectations equilibrium in two related setups. The first is the existence of a stationary Nash equilibrium where each agent's payoff depends on his capital process and the capital professes of the remain ing agents, The second existence theorem applies ii, a stationary comp etitive equilibrium model. Journal of Economic Literature Classificati on Numbers: E13, E21, D80. (C) 1997 Academic Press.