For two independent principles of intergenerational equity, the implied discount rate equals the growth rate of real per capita income, say, 2%, thus falling right into the range suggested by the U.S. Office of Management and Budget. To prove this, we develop a simple tool to evaluate small...

For an overlapping generations economy with varying life-cycle productivity, non-stationary endowments, continuous time starting at infinity (hence allowing for full anticipation), constant-returns-to-scale production and ces utility we fully characterise equilibria where output is higher than...

For an overlapping generations economy with varying life-cycle productivity, non-stationary endowments, continuous time starting at −∞(hence allowing for full anticipation), constant-returns-to-scale production and CES utility we fully characterise equilibria where output is higher than...