No-trade and uniqueness of steady-states

Christian Ghiglino and Mich Tvede

Preprints from Theory and Mathematics of the Economy and the Society

Abstract: In the present paper a stationary overlapping-generations model with many different consumers and commodities is considered. The main result is that economies with endowments near no-trade equilibria with equal prices have a unique balanced steady-state and a unique golden rule steady-state. These results are obtained generically in utility functions and do not depend on whether the utility functions are of the discounted form or not.

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Journal Article: No-trade and uniqueness of steady states (1995)
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