Intertemporal Complementarity and Optimality: A Study of a Two-Dimensional Dynamical System

Kazuo Nishimura and Tapan Mitra

No 543, Econometric Society 2004 Far Eastern Meetings from Econometric Society

Abstract: We study the underlying structure of the two-dimensional dynamical system generated by a class of dynamic optimization models, which allow for intertemporal complementarily between adjacent periods, but which preserve the time additively separable framework of Ramsey models. Specifically, we identify conditions under which the results of the traditional Ramsey type theory are preserved even when the intertemporal independence assumption is relaxed. Local analysis of this theme has been presented by Samuelson (1971). We establish global convergence results and relate them to the local analysis, by using the mathematical theory of two-dimensional dynamical syste

Keywords: intertemporal complementarity; supermodularity; monotonicity; turnpike property (search for similar items in EconPapers)
JEL-codes: C61 D90 O41 (search for similar items in EconPapers)
Date: 2004-08-11
New Economics Papers: this item is included in nep-mic
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Citations: View citations in EconPapers (3)

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Related works:
Journal Article: INTERTEMPORAL COMPLEMENTARITY AND OPTIMALITY: A STUDY OF A TWO-DIMENSIONAL DYNAMICAL SYSTEM (2005)
Working Paper: Intertemporal Complementarity and Optimality: A Study of a Two-Dimensional Dynamical System (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:ecm:feam04:543

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