Intertemporal separability in overlapping-generations models |
| |
Authors: | Timothy J Kehoe David K Levine |
| |
Institution: | Clare College, Cambridge CB2 1TL, England;University of California, Los Angeles, California 90024, USA |
| |
Abstract: | In a pure exchange overlapping-generations model with many goods, but a single consumer with preferences separable between two periods of life, there are (generically) finitely many equilibria in which money has no value. If money has value, then (generically) there is at most one dimension of indeterminacy. This property does not generalize to a model with many consumers and general preferences. It is shown why a separable representative consumer implies such strong conclusions. It is also shown that the absence of income effects leads to similar results. |
| |
Keywords: | |
本文献已被 ScienceDirect 等数据库收录! |
|