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- handle: 10670/1.lp4j0k
- hal: hal-01175922
- doi: 10.1016/j.jmateco.2015.03.001
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.jmateco.2015.03.001
Mots-clés
overlapping generations models local dynamics existence determinacy functional differential equationsSujets proches
Commercial products--Prices Commodity prices Price theory Justum pretium Differential equations, Functional Balancing (Physics) Balance (Physics) BalanceCiter ce document
d'Albis Hippolyte et al., « Local determinacy of prices in an overlapping generations model with continuous trading », HAL-SHS : économie et finance, ID : 10.1016/j.jmateco.2015.03.001
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Résumé
We characterize the determinacy properties of the intertemporal equilibrium for a continuous-time, pure-exchange, overlapping generations economy with logarithmic preferences. Using recent advances in the theory of functional differential equations, we show that the equilibrium is locally unique and that prices converge to a balanced growth path and are determined.