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

DOI10.2307/2296945zbMATH Open0437.90027OpenAlexW2091544506MaRDI QIDQ3879012FDOQ3879012

Authors: Masahiro Okuno, Itzhak Zilcha 

Publication date: 1980

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

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

zbMATH Keywords

efficiencycompetitive equilibriumtaxationlump-sum transfersPareto efficient allocationconsumption-loan type economyinfinite horizon monetary economies

Mathematics Subject Classification ID

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

Cited In (21)

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

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