Nonlinear dynamics and utility functions in overlapping generations models
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The authors examine the problem of endogenous fluctuations in pure exchange economies from the viewpoint of macroeconomic theories of consumption and saving. The investigation is based on an overlapping generations model, which is composed of two distinct agents each living two periods. Two types of utility functions with different restrictions on the term representing the substitution and income effect are used to study the behavior of the consumption dynamics. For the entire collection see [Zbl 0990.00510].
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- scientific article; zbMATH DE number 1057974
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(5)- Nonmonetary steady states in stationary overlapping generations models with long lived agents and discounting: Multiplicity, optimality, and consumption smoothing
- QUASI-LINEAR UTILITY FUNCTIONS AND THE DYNAMICS OF PURE EXCHANGE OVERLAPPING GENERATIONS MODELS
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