Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor

The paper extends the canonical representative agent Ramsey model to include heterogeneous agents and elastic labor supply. The welfare maximization problem is analyzed and shown to be equivalent to a non-stationary reduced form model. An iterative procedure is exploited to prove the supermodularity of the indirect utility function. Supermodularity is subsequently used to establish the convergence of optimal paths.

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Year of publication:	2005-12
Authors:	Van, Cuong Le ; Nguyen, Manh-Hung ; Vailakis, Yiannis
Institutions:	HAL
Subject:	Single-sector growth model \| heterogeneous agents \| elastic labor supply

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Extent:	application/pdf
Series:	Post-Print.
Type of publication:	Book / Working Paper
Notes:	View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00197560
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010750431