On the interaction between risk sharing and capital accumulation in a stochastic OLG model with production

Barbie, Martin; Hagedorn, Marcus; Kaul, Ashok

doi:10.1016/j.jet.2007.01.012

Cited by 11 publications

(29 citation statements)

References 21 publications

(40 reference statements)

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“…1 These studies considered pure-endowment models, whereas Laroque (1999, 2000), Barbie et al (2007), and Gottardi and Kubler (2011) studied models with production.…”

Section: Introductionmentioning

confidence: 99%

Golden rule optimality in stochastic OLG economies

Ohtaki

2013

Mathematical Social Sciences

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“…1 These studies considered pure-endowment models, whereas Laroque (1999, 2000), Barbie et al (2007), and Gottardi and Kubler (2011) studied models with production.…”

Section: Introductionmentioning

confidence: 99%

Golden rule optimality in stochastic OLG economies

Ohtaki

2013

Mathematical Social Sciences

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“…Their result is a generalized Cass criterion and they show how their result can be used to obtain the unit root property when attention is restricted to stationary equilibria with finite support. Barbie, Kaul, and Hagedorn (2007) extend the general characterization result in Chattopadhyay and Gottardi (1999) to one good economies with bounded neoclassical technologies. As noted earlier, and expanded upon below, stationary equilibria with finite support do not generally exist in such production economies.…”

Section: Introductionmentioning

confidence: 63%

“…This is a well established approach to the assessment of welfare in models with generational overlap, e.g. seePeled (1982),Manuelli (1990),Aiyagari and Peled (1991),Demange and Laroque (1999), Chattopadhyay and Gottardi (1999),Demange and Laroque (2000),Chattopadhyay (2001),Barbie, Hagedorn, and Kaul (2007), andBarbie and Kaul (2015) Zilcha (1991). proposes a different definition.…”

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confidence: 99%

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The unit root property and optimality with a continuum of states—Pure exchange

Chattopadhyay

2018

Journal of Mathematical Economics

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We study general one good pure exchange stochastic overlapping generations economies with stationary Markovian uncertainty and a continuum of states for the Markov process. We show that a unit root property provides a complete characterization of the optimality properties of stationary equilibrium allocations when markets are sequentially complete and the welfare criterion is conditional Pareto optimality.

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“…Barbie et al . (). Second, the land theorem holds in the stochastic case, too: Land ensures that allocations are Pareto efficient, see Richter () or Demange ().…”

Section: Uncertainty and Diverse Interest Ratesmentioning

confidence: 97%

Overaccumulation, Public Debt and the Importance of Land

Homburg

2014

German Economic Review

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may Final Version April 2014Institute of Public Economics, Leibniz University of Hannover, Germany. www.fiwi.uni-hannover.de. Abstract:In recent contributions, Weizsäcker (2014) and Summers (2014) maintain that mature economies accumulate too much capital. They suggest large and lasting public deficits as a remedy. This paper argues that overaccumulation cannot occur in an economy with land. It presents novel data of aggregate land values, analyzes the issue within a stochastic framework, and conducts an empirical test of overaccumulation.

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On the interaction between risk sharing and capital accumulation in a stochastic OLG model with production

Cited by 11 publications

References 21 publications

Golden rule optimality in stochastic OLG economies

Golden rule optimality in stochastic OLG economies

The unit root property and optimality with a continuum of states—Pure exchange

Overaccumulation, Public Debt and the Importance of Land

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