An extension to the Yaari (1965)-Blanchard (1985) continuous time overlapping generations model for an endowment Arrow-Debreu economy with an age-structured population is presented. It is proved that Arrow-Debreu equilibrium prices are represented by a double linear integral equation, and depend...

We consider a two-sector endogenous growth model where the productions of the final good and human capital require economy-wide external effects. Assuming constant returns to scale at the private and social levels, we show that local and global indeterminacy of equilibrium paths are compatible...