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Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor |
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| Affiliation: | Centre d’ Economie de la Sorbonne, Université Paris-1, Pantheon-Sorbonne, CNRS, 106-112 Bd de l’ Hôpital, 75647 Paris Cedex 13, France;CESUMR 8174106-112 boulevard de l''Hopital75013 ParisFrance.;Department of Economics448 Uris HallCornell UniversityIthaca, NY 14853;Institute of Economic Research, Kyoto University,Yoshidahonmachi, SakyokuKyoto, 606-8501, Japan;GREQAM,2 rue de la Charité,Marseille,13002, France |
| Abstract: | 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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