Virtual Determinacy in Overlapping Generations Models
We reappraise the significance and robustness of indeterminacy in overlapping-generations models. In any of Gale's example economies with an equilibrium that is not locally unique, for instance, perturbing the economy by judiciously splitting each of Gale's goods into two close substitutes...
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| Veröffentlicht in: | Econometrica 2009-01, Vol.77 (1), p.235-247 |
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| container_title | Econometrica |
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| creator | Burke, Jonathan L. |
| description | We reappraise the significance and robustness of indeterminacy in overlapping-generations models. In any of Gale's example economies with an equilibrium that is not locally unique, for instance, perturbing the economy by judiciously splitting each of Gale's goods into two close substitutes restricts that indeterminacy to each period's allocation of consumption between those substitutes. In particular, prices, interest rates, the commodity value of nominal savings (including money), and utility levels become determinate. Any indeterminacy of equilibrium consumption in the perturbed economy is thus insignificant to consumers, and some forecasting and comparative-statics policy exercises become possible. |
| doi_str_mv | 10.3982/ECTA5675 |
| format | Article |
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| ispartof | Econometrica, 2009-01, Vol.77 (1), p.235-247 |
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| source | Wiley Online Library Journals Frontfile Complete; JSTOR Mathematics & Statistics; Jstor Complete Legacy |
| subjects | Applications Bartering comparative statics Consumer economics Consumer equilibrium Consumer prices Consumption Determinacy Economic forecasting Economic models Economic theory Endowments Exact sciences and technology forecasting Indeterminacy Inference from stochastic processes time series analysis Insurance, economics, finance Local economy Mathematics overlapping generations Probability and statistics Probability theory and stochastic processes robustness Sciences and techniques of general use Special processes (renewal theory, markov renewal processes, semi-markov processes, statistical mechanics type models, applications) Statistics Steady state economies Studies |
| title | Virtual Determinacy in Overlapping Generations Models |
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