This paper shows that Barro's (1974) debt neutrliaty theorem does not hold in OLG economies whenever the marginal rate of substitution between both periods' consumptions evaluated at the modified golden rule capital stock is lower that the degree of intergenerational altruism. It could be...

Nous etudions un modele de croissance a un secteur dans lequel coexistent a chaque periode un continuum d'agents a duree de vie finie, et d'agents a duree de vie infinie. Nous montrons que deux types d'equilibres stationnaires peuvent exister selon le niveau d'epargne stationnaire des agents a...

We consider a discrete-time two-sector Cobb-Douglas economy with positive sector specific external effects. We show that indetermincay of steady states and cycles can easily arise with constant or decreasing social returns to scale, and very small market imperfections. This is in sharp contrast...

The paper analyses the robustness of the conclusions previously obtained showing that, in a simple three-goods model, the success of "eductive" expectational coordination relates with low supply elasticity, high demand elasticity, and high marginal propensity to consume (or high "elementary...

In this paper the existence of unemployment is partly explaines as being the result of coordination failures. This is achieved by considering a standard general equilibrium modes and splitting the set of commodities in two groups. The first group contains commodities like gold. The prices of...

This is a study in the field of unemployment and unemployability. I build an unclosed matching model of unemployment, where matching rates are exogenous. The value of an unfilled job depends on the average skill of the unemployed, who are supposed to lose (absolutely, or relatively) some of...

Prime objects of this note are (I) excess demand generated by price-taking economic agents, and (II) an alternative version of tatonnement. We relate laws of demand, axioms of revealed preferences, and other notions of generalized monotonicity to evolutionary stable prices. Focus is on local...

We incorporate a renewable resource into an overlapping generations model with standard, well-behaved utility and constant returns to scale production functions. Besides being a factor of production the resource serves as a store of value. We characterize dynamics, efficiency and stability of...

Given a compact connected component of zeros of a vector field, we give a necessary condition for its asymptotic stability in terms of its index and Euler characteristic.

In this paper, we prove an existence theorem for equilibria in production economies with increasing returns, which generalizes the classis results on this topic. In partular, we eliminate both the free-disposal assumptions and any smoothness requirements on the boundary of the production sets....