{"id":9181,"date":"2022-07-27T06:53:59","date_gmt":"2022-07-27T06:53:59","guid":{"rendered":"https:\/\/depocen.org\/publications\/on-the-existence-efficiency-and-bubbles-of-a-ramsey-equilibriumwith-endogenous-labor-supply-and-borrowing-constraints\/"},"modified":"2022-07-27T06:53:59","modified_gmt":"2022-07-27T06:53:59","slug":"on-the-existence-efficiency-and-bubbles-of-a-ramsey-equilibriumwith-endogenous-labor-supply-and-borrowing-constraints","status":"publish","type":"publications","link":"https:\/\/depocen.org\/en\/publications\/on-the-existence-efficiency-and-bubbles-of-a-ramsey-equilibriumwith-endogenous-labor-supply-and-borrowing-constraints\/","title":{"rendered":"On the existence, efficiency and bubbles of a Ramsey equilibrium\r\nwith endogenous labor supply and borrowing constraints"},"content":{"rendered":"<p>In this paper, we study the existence of an intertemporal equilibrium<br \/>\nin a Ramsey model with heterogenous discounting, elastic labor supply<br \/>\nand borrowing constraints. Applying a fixed-point argument by Gale and<br \/>\nMas-Colell (1975), we prove the existence of an equilibrium in a truncated<br \/>\nbounded economy. This equilibrium is also an equilibrium of any<br \/>\nunbounded economy with the same fundamentals. Then, we prove the<br \/>\nexistence of an equilibrium in an infinite-horizon economy as a limit of a<br \/>\nsequence of truncated economies. On the one hand, our paper generalizes<br \/>\nBecker et al. (1991) because of the elastic labor supply and, on the other<br \/>\nhand, Bosi and Seegmuller (2010) because of a proof of global existence.<br \/>\nOur methodology can be also applied to other Ramsey models with different<br \/>\nmarket imperfections. The issue of bubbles existence and efficiency<br \/>\nis raised at the end of the paper.<\/p>\n","protected":false},"featured_media":0,"template":"","cate_publications":[],"author_publications":[1556,1560,1844,1845,1852,1853,1854,1855],"topic_publications":[],"class_list":["post-9181","publications","type-publications","status-publish","hentry","author_publications-cuong-le-van","author_publications-cuong-le-van-en","author_publications-stefano-bosi","author_publications-stefano-bosi-en","author_publications-robert-becker","author_publications-thomas-seegmuller","author_publications-robert-becker-en","author_publications-thomas-seegmuller-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/depocen.org\/en\/wp-json\/wp\/v2\/publications\/9181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/depocen.org\/en\/wp-json\/wp\/v2\/publications"}],"about":[{"href":"https:\/\/depocen.org\/en\/wp-json\/wp\/v2\/types\/publications"}],"wp:attachment":[{"href":"https:\/\/depocen.org\/en\/wp-json\/wp\/v2\/media?parent=9181"}],"wp:term":[{"taxonomy":"cate_publications","embeddable":true,"href":"https:\/\/depocen.org\/en\/wp-json\/wp\/v2\/cate_publications?post=9181"},{"taxonomy":"author_publications","embeddable":true,"href":"https:\/\/depocen.org\/en\/wp-json\/wp\/v2\/author_publications?post=9181"},{"taxonomy":"topic_publications","embeddable":true,"href":"https:\/\/depocen.org\/en\/wp-json\/wp\/v2\/topic_publications?post=9181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}