impatience). These properties are shown to derive not from market incompleteness, but from lack of market clearing "at infinity …;" they can be eliminated with land or uniform impatience. The OLG model is used to analyze bubbles, social security …

ideal commodity bundle. Irving Fisher also developed and advocated the impatience theory of interest. But in OLG economies …, the rate of interest is determined by population growth, not impatience. I reconcile this contradiction by proving that in … stationary OLG economies with land, the interest rate at the unique steady state does depend on impatience. Indeed, the …