Manifolds of golden rule and balanced steady state equilibria

Summary. We show that the set of balanced steady state (resp. golden rule) equilibria, parameterized by endowments, of stationary overlapping-generations economies are smooth manifolds diffeomorphic to Euclidean spaces. These properties extend similar properties of the Walrasian equilibria and enable one to apply the natural projection approach to the study of these equilibria. Received: October 30, 1995; revised version: October 10, 1996