Intertemporal Equilibrium and Walras' Theory of Capital: a Projection Based Approach

Galeazzo Impicciatore, Luca Panaccione and Francesco Ruscitti

No 121, Working Papers in Public Economics from Department of Economics and Law, Sapienza University of Roma

Abstract: In this paper we analyze the intertemporal competitive equilibrium of a walrasian model of capital accumulation. We prove the existence of equilibria by generalizing a result of Todd (1979). We overcome the indeterminacy in savings allocation to multiple types of capital goods by introducing a decreasing-return-to-scale storage technology. We nally verify that, for stored capital goods, equality of rates of returns is satis ed in equilibrium.

Keywords: Walras; Capital Goods; Activity Analysis; General Equilibrium. (search for similar items in EconPapers)
JEL-codes: B21 C60 C62 D51 (search for similar items in EconPapers)
Pages: 29
Date: 2009-05
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