EFFICIENT RAMSEY EQUILIBRIA

Ramsey equilibrium models with heterogeneous agents and borrowing constraints are shown to yield efficient equilibrium sequences of aggregate capital and consumption. The proof of this result is based on verifying that equilibrium sequences of prices satisfy the Malinvaud criterion for efficiency.

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Year of publication:	2012
Authors:	Becker, Robert A. ; Mitra, Tapan
Published in:	Macroeconomic Dynamics. - Cambridge University Press. - Vol. 16.2012, S1, p. 18-32
Publisher:	Cambridge University Press
Description of contents:	Abstract [journals.cambridge.org]

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011121061