Optimality of barter steady states

Article Abstract:

Conditions leading to optimal barter steady states were derived through consideration of a stationary overlapping generations model with numerous commodities and long-lived consumers. The model was able to illustrate a general characterization of individual endowments that could result to an optimal barter steady state. The characterization showed the insignificance of government in achieving optimality when the endowment distribution is satisfactorily assymetrical in favor of the recent year of consumer's life.

Economics, Research and Development in the Social Sciences and Humanities, Consumption (Economics)

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Endowments, stability, and fluctuations in OG models

Article Abstract:

A stationary double-ended overlapping-generations (OG) model having various commodities and consumers is evaluated. The dynamics of OG models such as cycle existence and steady state stability were analyzed based on the effect of distribution of endowments. The results showed that steady state stability is not limited by the endowment preference and that there is a cycle for either real or nominal aggregate savings. The equilibria of economies in steady states and near steady states are also discussed.

Economic aspects, Endowments

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No-trade and uniqueness of steady states

Article Abstract:

A stationary overlapping-generations model having various commodities and consumers is evaluated. The results showed unique balanced and golden-rule steady states for economies having endowments near optimal no-trade equilibria. These observations hold generically for utility functions and are independent of whether the functions are in discounted or nondiscounted forms.

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