Intertemporal Preferences, Distributive Shares, and Local Dynamics

Marco Guerrazzi

Discussion Papers from Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy

Abstract: This paper provides a simplified version of the perfectly flexible wages OLG model proposed by Hahn and Solow (1995). Using a Cobb-Douglas specification for the utility and the production functions, we demonstrate that the local stability of the steady-state equilibrium depends only on intertemporal preferences and distributive shares. Furthermore, we show that local stability might be related to consumption smoothing considerations.

Keywords: Overlapping Generations; Market Clearing; Local Stability (search for similar items in EconPapers)
JEL-codes: D11 D24 (search for similar items in EconPapers)
Date: 2004-01-01
Note: ISSN 2039-1854
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Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:pie:dsedps:2004/49

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