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...