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This paper extends the Samuelsonian overlapping generations general equilibrium framework to encompass a variety of altruistic preferences by recasting it into a Lindahl equilibrium framework. The First and the Second Welfare theorems hold for Lindahl equilibrium with respect to the Malinvaud...
Persistent link: https://www.econbiz.de/10014061656
We study adaptive learning in a monetary overlapping generations model with sticky prices and monopolistic competition for the case where learning agents observe current endogenous variables. Observability of current variables is essential for informational consistency of the learning setup with...
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This paper develops a full-employment theory of the business cycle in the context of a simple equilibrium dynamic … monetary model with complete information, overlapping generations and production processes. This theory is founded on three … time. According to this theory, fully anticipated monetary shocks cause the kind of movements in outputs, prices and …
Persistent link: https://www.econbiz.de/10014067165
This paper is concerned with the optimal inflation rate in an overlapping-generations economy in which (i) aggregate output is constrained by a standard neoclassical production function with diminishing marginal products for both capital and labor and (ii) the transaction-facilitating services...
Persistent link: https://www.econbiz.de/10013243954
This paper is concerned with the optimal inflation rate in an overlapping-generations economy in which (i) aggregate output is constrained by a standard neoclassical production function with diminishing marginal products for both capital and labor and (ii) the transaction-facilitating services...
Persistent link: https://www.econbiz.de/10012477183
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