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Thomas Seegmuller
On existence, efficiency and bubbles of Ramsey equilibrium with borrowing constraints
Xuất bản: 27 July, 2022
We address the fundamental issues of existence and efficiency of an equilibrium in a Ramsey model with many agents, where agents have heterogenous discounting, elastic labor supply and face borrowing constraints. The existence of rational bubbles is also...
On the existence, efficiency and bubbles of a Ramsey equilibrium with endogenous labor supply and borrowing...
Xuất bản: 27 July, 2022
In this paper, we study the existence of an intertemporal equilibrium in a Ramsey model with heterogenous discounting, elastic labor supply and borrowing constraints. Applying a fixed-point argument by Gale and Mas-Colell (1975), we prove the existence...