Competitive business cycles in an overlapping generations economy with productive investment (Q1106712)
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English | Competitive business cycles in an overlapping generations economy with productive investment |
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Competitive business cycles in an overlapping generations economy with productive investment (English)
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1988
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This paper examines the emergence of long-run competitive periodic equilibria in a two-period overlapping generations model with capital accumulation. The existence of periodic equilibria is a consequence of the existence of an aggregate bubble (money) and of a ``nonlinear'' behaviour of aggregate savings. The technique used is to show that the problem can be reduced to the study of a dynamical map from an interval into itself, although it is originally two dimensional. This will allow us to study the occurrence of cycles from a global point of view.
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long-run competitive periodic equilibria
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two-period overlapping generations model
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capital accumulation
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existence of periodic equilibria
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