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Implicit Programming and the Invariant Manifold for Ramsey Equilibria

Robert Becker and C. Foias

Working Papers from Indiana - Center for Econometric Model Research

Abstract: We present an economically motivated construction of the global invariant manifold for a class of Ramsey equilibria. This invariant manifold is found by solving a functional equation for an implicit programming problem based on the most patient household's necessary condition for an optimum. An iterative process is given which yields the first agent's optimal policy function in the limit and thereby the invariant manifold.

Keywords: ECONOMIC; EQUILIBRIUM (search for similar items in EconPapers)
JEL-codes: C62 (search for similar items in EconPapers)
Date: 1998
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Handle: RePEc:fth:indian:98-006