On Equilibrium Dynamics with Many Agents and Wages Paid ex ante
No 2011/05, EUSP Department of Economics Working Paper Series from European University at St. Petersburg, Department of Economics
A model of economic growth with many agents and borrowing constraints is considered under the assumption that wages are paid ex ante. It is shown that, in contrast to the traditional case where wages are paid ex post, the convergence of equilibrium paths to a steady-state equilibrium occurs regardless of specifications of technology.
Keywords: economic growth; heterogeneous agents; stability (search for similar items in EconPapers)
JEL-codes: C61 D91 O41 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2011-04-21, Revised 2011-04-28
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Persistent link: https://EconPapers.repec.org/RePEc:eus:wpaper:ec2011_05
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