Detail Stationary Markov Equilbria in An OLG Model with Correlated Production Shocks   Oleh:  Yong, Wang Jenis: Article from Bulletin/Magazine Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 35 no. 3 (1994), page 731-744. Topik: markov; stationary markov equilibria; OLG model; production shocks Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel In this paper, we examine the existence of stationary equilibria in an overlapping generations model where production shocks are correlated over time. In general, the system is complicated by dynamic indeterminacy and possibility of Sunspot equilibria. However, there exists a time - homogeneous Markov process of the state variable which represents a nonsunspot dynamic equilibrium. The long - run analysis establishes a sufficient condition for the existence of a nontrivial stationary equilibrium. Moreover, it is shown that the conventional restrictions on the production function are not sufficient to prevent the economy form converging to zero production and consumption. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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