Barnett, Richard C.; Bhattacharya, Joydeep; Bunzel, Helle - Department of Economics, Iowa State University - 2013
TTwo equilibrium possibilities are known to obtain in a standard overlapping-generations model with dynastic preferences: either the altruistic bequest motive is operative for every generation (in which case, Ricardian equivalence obtains) or it is not, for any generation. Dynamic equilibria,...