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Efficient Ramsey Equilibria

Robert Becker and Tapan Mitra

Working Papers from Cornell University, Center for Analytic Economics

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.

New Economics Papers: this item is included in nep-dge
Date: 2011-03
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Related works:
Journal Article: EFFICIENT RAMSEY EQUILIBRIA (2012) Downloads
Working Paper: Efficient Ramsey Equilbria (2011) Downloads
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