EFFICIENT RAMSEY EQUILIBRIA

Robert Becker and Tapan Mitra

Macroeconomic Dynamics, 2012, vol. 16, issue S1, 18-32

Abstract: Ramsey equilibrium models with heterogeneous agents and borrowing constraints are shown to yield efficient equilibrium sequences of aggregate capital and consumption. The proof of this result is based on verifying that equilibrium sequences of prices satisfy the Malinvaud criterion for efficiency.

Date: 2012
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Working Paper: Efficient Ramsey Equilibria (2011)
Working Paper: Efficient Ramsey Equilbria (2011)
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