Debt, deficits and finite horizons: The stochastic case

We introduce aggregate uncertainty and complete markets into Blanchard's (1985) perpetual youth model. We derive a simple expression for the pricing kernel that can be used to close a variety of equilibrium models in which the set of agents changes over time.

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Year of publication:	2011
Authors:	Farmer, Roger E.A. ; Nourry, Carine ; Venditti, Alain
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 111.2011, 1, p. 47-49
Publisher:	Elsevier
Keywords:	Overlapping generations Perpetual youth model Pricing kernel Aggregate uncertainty

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008866987