On stationary overlapping generations models

Masahiro Okuno, Itzhak Zilcha

Research output: Contribution to journalArticlepeer-review

Abstract

Consider a stationary consumption-loan economy with fixed amount of fiat money. We show that although the economy is stationary if the number of goods and the number of 'types' of consumers are larger than one, there might be no Pareto optimal stationary competitive equilibrium.

Original languageEnglish
Pages (from-to)331-335
Number of pages5
JournalEconomics Letters
Volume11
Issue number4
DOIs
StatePublished - 1983

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