This paper shows how to make hold the conjecture stated in Maskin an Tirole about the existence of a close connection between the finite, markovian stationary equilibria of a simple overlapping generations economy and the correlated equilibria of an associated finite exchange economy with...

The issue of the connection between correlated equilibria of Maskin-Tirole (1987) economies and finite markovian stationary sunspot equilibria of overlapping generations economies is reconsidered in this paper.

The stationary structure of the simple overlapping generations economies is used to try to extend to the case with extrinsic uncertainty the characterizations of their stationary equilibria by means of symmetrical multiple equilibria of a related exchange economy in which the representative...

This paper investigates how time and uncertainty interweave. Specifically, it studies the appearance of symmetries and asymmetries - with respect to the direction in which time flows - in the set of equilibria of simple overlapping generations economies which are open-ended in both directions,...

We consider Rational Expectations Equilibria in infinite horizon models in which equilibrium to-day depends upon the past, yesterday, and the future, to-morrow. We focus attention on a category of ''Sunspot Equilibria'', (` la Davila) that have a finite support and trigger a quasi-cyclic...

This paper shows new properties about the equilibria of a stationary OG economy by establishing a connection between its stationary equilibria and those of a finite economy, with and without extrinsic uncertainty. Specifically, it shows the countability and local uniqueness with respect to the...

This paper shows that in the Diamond (1965) overlapping generations economy with production and capital savings, there is a period-by-period balanced fiscal policy supporting a steady state allocation that Pareto-improves upon the laissez-faire competitive equilibrium steady state (whether...