A Stationary Markov Equilibrium in an OLG Model

Zhixiang Zhang and Heng-Fu Zou ()

No 533, CEMA Working Papers from China Economics and Management Academy, Central University of Finance and Economics

Abstract: This paper provides suffcient conditions on the technology and preferences, under which the optimal savings-consumption policy is unique, and a stationary Markov equilibrium exists for an overlapping generation economy. Comparing with Wang (1993), our conditions on the uniqueness of optimal policy function are more general, and our conditions on the existence of equilibria depend on the exogenous parameters in the model instead of on endogenous variables.

Pages: 6 pages
Date: 2012-02-08
New Economics Papers: this item is included in nep-dge and nep-mac
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