Future Targets and Multiple Equilibria

Ashok S Guha () and Brishti Guha ()
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Ashok S Guha: Jawaharlal Nehru University

No 21-2005, Working Papers from Singapore Management University, School of Economics

Abstract: Multiple Pareto-rankable equilibria may obtain in an overlapping generations model where consumers save to reach a fixed target. Existence and uniqueness conditions are discussed. The model displays excess consumption sensitivity to current income and perfect old-age insurance.

Keywords: Multiple equilibria; saving; overlapping generations; excess sensitivity. (search for similar items in EconPapers)
JEL-codes: D91 E21 (search for similar items in EconPapers)
Pages: 09 pages
Date: 2005-10
New Economics Papers: this item is included in nep-dge, nep-mac and nep-sea
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Published in SMU Economics and Statistics Working Paper Series

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