Intertemporal Equilibrium and the Transfer Paradox

Oded Galor and H. M. Polemarchakis

The Review of Economic Studies, 1987, vol. 54, issue 1, 147-156

Abstract: The transfer paradox may occur in a world with only two countries at a dynamically stable intertemporal competitive equilibrium. In a framework of overlapping generations with production and investment, a transfer of income may immiserize the recipient while enriching the donor. Away from the golden rule, a transfer may result in a Pareto improvement.

Date: 1987
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Working Paper: Intertemporal equilibrium and the transfor paradox (1984)
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