On the Efficiency of a Competitive Equilibrium in Infinite Horizon Monetary Economies

DOI10.2307/2296945zbMath0437.90027OpenAlexW2091544506MaRDI QIDQ3879012

Publication date: 1980

Published in: The Review of Economic Studies (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.2307/2296945

zbMATH Keywords

efficiency competitive equilibrium taxation lump-sum transfers Pareto efficient allocation consumption-loan type economy infinite horizon monetary economies

Mathematics Subject Classification ID

Economic growth models (91B62) General equilibrium theory (91B50)

Related Items (21)

Inactive transfer policies and efficiency in general overlapping- generations economies ⋮ Optimality in stochastic OLG models: theory for tests ⋮ On stationary 3-period overlapping generations models ⋮ On stationary overlapping generations models ⋮ A complete characterization of Pareto optimality for general OLG economies. ⋮ Stochastic OLG models, market structure, and optimality ⋮ Dynamic efficiency of steady-state equilibria in an overlapping- generations model with productive capital ⋮ Pareto optimality in continuous-time OLG economies ⋮ Dominant root characterization of Pareto optimality and the existence of optimal equilibria in stochastic overlapping generations models ⋮ Characterizing efficiency in stochastic overlapping generations models ⋮ Efficiency and prices in economies of overlapping generations ⋮ On the interaction between risk sharing and capital accumulation in a stochastic OLG model with production ⋮ The Cass criterion, the net dividend criterion, and optimality ⋮ Walras' law and nonoptimal equilibria in overlapping generations models ⋮ A characterization of inefficiency in stochastic overlapping generations economies ⋮ The unit root property and optimality with a continuum of states -- pure exchange ⋮ Existence of a Pareto-optimal equilibrium in nearly-stationary overlapping-generations economies ⋮ Parental altruism, life expectancy and dynamically inefficient equilibria ⋮ Balanced equilibrium in a consumption loans model ⋮ Optimal steady-state in stationary consumption-loan type models ⋮ Dynamic efficiency in overlapping generations models with stochastic production

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