Sraffian indeterminacy of steady-state equilibria in the Walrasian general equilibrium framework

Naoki Yoshihara () and Se Ho Kwak

No 734, Discussion Paper Series from Institute of Economic Research, Hitotsubashi University

Abstract: In contrast to Mandler’s (1999a; Theorem 6) generic determinacy of the steady-state equilibrium, we first show that any regular Sraffian steady-state equilibrium is indeterminate in terms of Sraffa (1960) under a simple overlapping generation economy with a fixed Leontief technique. We also check that this indeterminacy is generic. These results are obtained by explicitly introducing a simple model of every generation’s utility function and individual optimization program to the overlapping generation economy, which also explains the main source of the difference between our results and Mandler (1999a; section 6). We also argue the distinctiveness of our results in comparison with the standard literature, like Calvo (1978), of overlapping generations indeterminacy.

Keywords: Sraffian indeterminacy; factor income distribution; general equilibrium framework (search for similar items in EconPapers)
JEL-codes: B51 D33 D50 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2022-09
New Economics Papers: this item is included in nep-dge, nep-hme and nep-upt
Note: July 6, 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/74304/DP734.pdf

Related works:
Journal Article: Sraffian indeterminacy of steady‐state equilibria in the Walrasian general equilibrium framework (2024)
Working Paper: Sraffian indeterminacy of steady-state equilibria in the Walrasian general equilibrium framework (2023)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hit:hituec:734

Access Statistics for this paper

More papers in Discussion Paper Series from Institute of Economic Research, Hitotsubashi University Contact information at EDIRC.
Bibliographic data for series maintained by Hiromichi Miyake ().