在两部门世代交叠模型中稳态均衡的存在性和唯一性.pdf

Journal of Economic Theory 141 (2008) 255–275 /locate/jet Existence and uniqueness of steady-state equilibrium in a two-sector overlapping generations model a b,c ,∗ Jinlu Li , Shuanglin Lin aDepartment of Mathematics, Shawnee State University, Portsmouth, OH 45662, USA b School of Economics, Peking University, 100871, China cDepartment of Economics, University of Nebraska, Omaha, NE 68144, USA Received 18 September 2006; received in revised form 7 September 2007; final version received 12 September 2007 Available online 6 October 2007 Abstract In his seminal paper Galor [A two-sector overlapping generations-model: a global characterization of the dynamical system, Econometrica 60 (1992) 1351–1386] establishes conditions for the existence of equilibrium in the two-sector overlapping generations (OLG) model. Although appealing theoretically, these conditions are implicit and not easy to apply. This paper develops new theorems on the existence and uniqueness of steady-state equilibrium in the two-sector OLG model. We provide explicit conditions on the utility and production functions for the existence and uniqueness of equilibrium, with which one only needs to check the derivatives of the production and utility functions and their interactions, without requiring solving for the savings function and its derivatives. We present detailed steps to check the existence and uniqueness of equilibrium and provide illustrative examples. © 2007 Elsevier Inc. All rights reserved. JEL classification: H6; O0; E6 Keywords: Existence; Uniqueness; Equilibrium; Two-sector overlap