Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor.

The paper extends the canonical representative agent Ramsey model to include heterogeneous agents and elastic labor supply. The welfare maximization problem is analyzed and shown to be equivalent to a non-stationary reduced form model. An iterative procedure is exploited to prove the supermodularity of the indirect utility function. Supermodularity is subsequently used to establish the convergence of optimal paths.

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Year of publication:	2005-12
Authors:	Van, Cuong Le ; Nguyen, Manh Hung ; Vailakis, Yiannis
Institutions:	Maison des Sciences Économiques, Université Paris 1 (Panthéon-Sorbonne)
Subject:	Single-sector growth model \| heterogeneous agents \| elastic labor supply

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Extent:	application/pdf
Series:	Cahiers de la Maison des Sciences Economiques. - ISSN 1624-0340.
Type of publication:	Book / Working Paper
Language:	English
Notes:	30 pages
Classification:	C62 - Existence and Stability Conditions of Equilibrium ; D51 - Exchange and Production Economies ; E13 - Neoclassical
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005797813