Overlapping Families of Infinitely-Lived Agents

Philippe Weil

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Abstract: This paper develops a model in which new and infinitely-linked dynasties, which are, by definition, not linked to pre-existing families through operative intergenerational transfers, continuously enter the economy over time. This model of infinitely-lived families possesses most of the properties characteristic of standard overlapping generation frameworks: competitive equilibria can be inefficient, bubbles may exist, and Ricardian neutrality does not in general hold. Contrary to a widespread but erroneous belief, the terms ‘infinite horizon model' and ‘representative agent model' are, therefore, not interchangeable.

Date: 1989-03
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Published in Journal of Public Economics, 1989, 38 (2), pp.183 - 198. ⟨10.1016/0047-2727(89)90024-8⟩

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Journal Article: Overlapping families of infinitely-lived agents (1989)
Working Paper: Overlapping Families of Infinitely-Lived Agents (1989)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03393291

DOI: 10.1016/0047-2727(89)90024-8

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