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On Efficiency and Local Uniqueness in Two-Sector OLG Economies

Alain Venditti (), Carine Nourry and Jean-Pierre Drugeon

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Abstract: We consider a two-sector overlapping generations model with homothetic preferences. Under standard conditions on technologies, upon large enough values for the share of first period consumption over the wage income, we prove that the dynamic efficiency and local uniqueness of the competitive equilibrium hold. On the contrary, for lower values of the share of first period consumption over the wage income which imply dynamic inefficiency of the steady state, local indeterminacy arises when the elasticity of intertemporal substitution in consumption is large enough.

Keywords: Two-sector OLG model; Efficiency; Local uniqueness (search for similar items in EconPapers)
Date: 2010-01-01
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00688830
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Published in Mathematical Social Sciences, Elsevier, 2010, 59 (1), pp.120-144

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Related works:
Journal Article: On efficiency and local uniqueness in two-sector OLG economies (2010) Downloads
Working Paper: On Efficiency and Local Uniqueness in Two-Sector OLG Economies (2010)
Working Paper: On efficiency and local uniqueness in two-sector OLG economies (2009) Downloads
Working Paper: On efficiency and local uniqueness in two-sector OLG economies (2009) Downloads
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