Efficient Ramsey Equilibria
Robert Becker and
Working Papers from Cornell University, Center for Analytic Economics
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.
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Journal Article: EFFICIENT RAMSEY EQUILIBRIA (2012)
Working Paper: Efficient Ramsey Equilbria (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:ecl:corcae:11-02
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