Pure Exchange Equilibrium of Dynamic Economic Models.

摘要: This paper studies competitive equilibrium over time of a one good model in which the agents are members population grows at constant rate. Each agent lives for n periods and i-th period his life receives an endowment ei units goods. Goods can neither be produced nor stored. The is thus n-period generalization two- three-period models studied by Samuelson [4]. We seek to ascertain structure paths consumption these models. Our results summarized roughly as follows: In general, there will exist two kinds steady state paths, (i) golden rule rate interest equals growth (ii) “balanced” aggregate assets or indebtedness society whole zero (a fundamental fact about dynamic that it possible debt not equal credit must static case). A termed classical if negative (or positive) (following [4]) opposite case. It conjectured program globally stable case balanced established special = 2.