Brito, Paulo and Dilao, Rui (2006): Equilibrium price dynamics in an overlappinggenerations exchange economy.

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Abstract
We present a continuous time overlapping generations model for an endowment ArrowDebreu economy with an agestructured population. For an economy with a balanced growth path, we prove that ArrowDebreu equilibrium prices exist, and their dynamic properties are agedependent. Our model allows for an explicit dependence of prices on critical agespecific endowment parameters. We show that, if endowments are distributed earlier than some critical age, then speculative bubbles for prices do exist.
Item Type:  MPRA Paper 

Original Title:  Equilibrium price dynamics in an overlappinggenerations exchange economy 
Language:  English 
Keywords:  ArrowDebreu equilibrium; overlapping generations models; McKendrick model 
Subjects:  G  Financial Economics > G1  General Financial Markets > G12  Asset Pricing; Trading volume; Bond Interest Rates D  Microeconomics > D5  General Equilibrium and Disequilibrium > D51  Exchange and Production Economies J  Labor and Demographic Economics > J1  Demographic Economics > J10  General 
Item ID:  699 
Depositing User:  Rui Dilao 
Date Deposited:  08. Nov 2006 
Last Modified:  11. Feb 2013 23:58 
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URI:  http://mpra.ub.unimuenchen.de/id/eprint/699 