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Equilibria in an overlapping generations model with transfer policies and exogenous growth
Authors:Jean-François Mertens  Anna Rubinchik
Institution:1. CORE-UCL (Université Catholique de Louvain), 34 voie du Roman Pays-L1.03.01, 1348, Louvain-la-Neuve, Belgium
2. Department of Economics, University of Haifa, Mount Carmel, 31905, Haifa, Israel
Abstract:For an overlapping generations economy with varying life-cycle productivity, non-stationary endowments, continuous time starting at $-\infty $ (hence allowing for full anticipation), constant-returns-to-scale production and ces utility, we fully characterise equilibria where output is higher than investment, which is strictly positive. Net assets (aggregate savings minus the value of the capital stock) are constant in any equilibrium, and, for balanced growth equilibria (bge, defined for an economy with stationary endowments), net assets are non-zero only in the golden rule equilibrium, in accord with Gale (1973). The number of bge is finite. Their parity, however, depends on the life-cycle productivity, in particular, on the relation between the intertemporal elasticity of substitution, the minimal working age and the minimal tax age.
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