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Future Targets and Multiple Equilibria

Ashok S. Guha and Brishti Guha ()
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Ashok S. Guha: SMU

Macroeconomics Working Papers from East Asian Bureau of Economic Research

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)
Date: 2005-01
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