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A Characterization of the Dynamical System in a Two-sector Overlapping-generations Model: The Case of Unbounded Growth

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Abstract:

This paper characterizes perfect-foresight equilibria in a two-sector overlapping-generations economy for the case of unbounded growth. The analysis demonstrates that gross substitutability in consumption is not sufficient to ensure the determinacy of equilibrium. Unlike Boldrin and Rustichini (1994), indeterminacy of equilibria can arise within the framework of an overlapping-generations model with convex technology. The finite time horizon of agents is the source of such indeterminacy.

JEL Classification Number: 041.

Document Type: Original Article

DOI: http://dx.doi.org/10.1111/1468-5876.00109

Affiliations: 1: Kobe University of Commerce, 2: Nagoya City University

Publication date: June 1, 1999

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