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Creator: Wallace, Neil Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 195 Parola chiave: Intertemporal economics, Microeconomics, and General equilibrium Soggetto: D01  Microeconomic Behavior: Underlying Principles and D58  Computable and Other Applied General Equilibrium Models 
Creator: Wallace, Neil Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 195 Parola chiave: Intertemporal economics, Microeconomics, and General equilibrium Soggetto: D01  Microeconomic Behavior: Underlying Principles and D58  Computable and Other Applied General Equilibrium Models 
Creator: Aiyagari, S. Rao Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 328 Abstract: One purpose of this article is to exposit the relationship between life cycle models (with constructive immortality) and infinitely lived agents models. We use this to point out problems in interpreting data, especially with regard to the use of interest rates in the class of representative agent models when growth in population and per capita variables is taken into account. We also point out some common misconceptions regarding the "volume of trade" in representative agent models and show how to reconcile the savings profile of the representative agent with the life cycle savings profile in a life cycle model.
Parola chiave: Calibration, Bequests, Infinitely lived agents, Representative agent models, and Volume of trade Soggetto: D91  MicroBased Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making 
Creator: Prescott, Edward C. and RíosRull, JoséVíctor Series: Advances in dynamic economics Abstract: A necessary feature for equilibrium is that beliefs about the behavior of other agents are rational. We argue that in stationary OLG environments this implies that any future generation in the same situation as the initial generation must do as well as the initial generation did in that situation. We conclude that the existing equilibrium concepts in the literature do not satisfy this condition. We then propose an alternative equilibrium concept, organizational equilibrium, that satisfies this condition. We show that equilibrium exists, it is unique, and it improves over autarky without achieving optimality. Moreover, the equilibrium can be readily found by solving a maximization program.
Parola chiave: Rational behavior, Equilibrium, and Overlapping generations Soggetto: D51  Exchange and Production Economies and E13  General Aggregative Models: Neoclassical 

Creator: Goenka, Aditya. and Spear, Stephen E. Series: Finance, fluctuations, and development Abstract: This paper develops a dynamic model of general imperfect competition by embedding the ShapleyShubik model of market games into an overlapping generations framework. Existence of an open market equilibrium where there is trading at each post is demonstrated when there are an arbitrary (finite) number of commodities in each period and an arbitrary (finite) number of consumers in each generation. The open market equilibria are fully characterized when there is a single consumption good in each period and it is shown that stationary open market equilibria exist if endowments are not Pareto optimal. Two examples are also given. The first calculates the stationary equilibrium in an economy, and the second shows that the on replicating the economy the stationary equilibria converge to the unique nonautarky stationary equilibrium in the corresponding Walrasian overlapping generations economy. Preliminary ongoing work indicates the possibility of cycles and other fluctuations even in the loglinear economy.
Parola chiave: Overlapping generations model, General equilibirum theory, and Game theory Soggetto: D91  Intertemporal choice and growth  Intertemporal consumer choice ; Life cycle models and saving, C72  Game theory and bargaining theory  Noncooperative games, and D50  General equilibrium and disequilibrium  General 
Creator: Aiyagari, S. Rao Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 319 Abstract: We consider the existence of deterministically cycling steady state equilibria in a class of stationary overlapping generations models with sufficiently long (but, finite) lived agents. Preferences are of the discounted sum of utilities type with a fixed discount rate. Utility functions with large coefficients of relative risk aversion which generate strong income effects (relative to substitution effects) and backward bending offer curves are permitted. Lifetime endowment patterns are quite arbitrary. We show that if agents have a positive discount rate, then as agents1 lifespans get large, short period nonmonetary cycles will disappear. Further, constant monetary steady states do not exist and therefore, neither do stationary monetary cycles of any period. We then consider the case where agents have a negative discount rate and show that there are robust examples in which constant monetary steady states as well as stationary monetary cycles (with undiminished amplitude) can occur no matter how long agents live.
Parola chiave: Longevity, Business cycles, Intertemporal choice, and Monetary theory Soggetto: D91  MicroBased Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making and N10  Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: General, International, or Comparative 
Creator: Bental, Benjamin Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 103 Parola chiave: Schauder's theorem, Equilibrium, Fixed point theorem, and Overlapping generations Soggetto: D58  Computable and Other Applied General Equilibrium Models and C68  Computable General Equilibrium Models 
Creator: Townsend, Robert M., 1948 Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 130 Parola chiave: Pareto optimality, Competitive equilibrium, Overlapping generations, Monetary equilibria, and Autarky Soggetto: E40  Money and Interest Rates: General and C62  Existence and Stability Conditions of Equilibrium 
Creator: Townsend, Robert M., 1948 Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 130 Parola chiave: Pareto optimality, Competitive equilibrium, Overlapping generations, Monetary equilibria, and Autarky Soggetto: E40  Money and Interest Rates: General and C62  Existence and Stability Conditions of Equilibrium
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