; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Nonmonetary Steady States in Stationary Overlapping Generations Models With Long Lived Agents and Discounting: Multiplicity, Optimality, and Consumption Smoothing"; ; "batchuser@example.com"; "Aiyagari, S. Rao"; "Federal Reserve Bank of Minneapolis"; "We construct a sequence of pure exchange, stationary OLG economies in which generations have longer and longer life spans and all agents maximize a discounted sum of utilities with a fixed, positive, and common discount rate. Period utility functions and endowment patterns are subject to mild restrictions and within generation heterogeneity is permitted. We show that: (i) _Every_ sequence of equilibrium interest rates converges to the discount rate. (ii) Eventually _every_ nonmonetary steady state is optimal and a monetary steady state will never exist. (iii) For any agent consumption at any fixed age converges to permanent income evaluated using the utility discount rate."^^; "1987-03"; "2019-08-05T21:24:13.232590851+00:00"^^; "https://doi.org/10.21034/wp.325"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2020-05-04T14:54:25.214280719+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "7"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "325"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Journal of Economic Theory_ (Vol. 45, No. 1, June 1988, pp. 102-127), https://doi.org/10.1016/0022-0531(88)90256-6."^^; ; "Publication" . ; .