Efficient Ramsey Equilbria

Robert Becker and Tapan Mitra

No 2011-009, CAEPR Working Papers from Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington

Abstract: Ramsey equilibrium models with heterogeneous agents and borrowing constraints are shown to yield efficient equilibrium sequences of aggregate capital and consumption. The proof of this result is based on verifying that equilibrium sequences of prices satisfy the Malinvaud criterion for efficiency.

Pages: 36 pages
Date: 2011-09
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Related works:
Journal Article: EFFICIENT RAMSEY EQUILIBRIA (2012)
Working Paper: Efficient Ramsey Equilibria (2011)
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