{"id":9362,"date":"2022-07-27T07:03:06","date_gmt":"2022-07-27T07:03:06","guid":{"rendered":"https:\/\/depocen.org\/publications\/on-existence-efficiency-and-bubblesof-ramsey-equilibriumwith-borrowing-constraints\/"},"modified":"2022-07-27T07:03:06","modified_gmt":"2022-07-27T07:03:06","slug":"on-existence-efficiency-and-bubblesof-ramsey-equilibriumwith-borrowing-constraints","status":"publish","type":"publications","link":"https:\/\/depocen.org\/vi\/publications\/on-existence-efficiency-and-bubblesof-ramsey-equilibriumwith-borrowing-constraints\/","title":{"rendered":"On existence, efficiency and bubbles\r\nof Ramsey equilibrium\r\nwith borrowing constraints"},"content":{"rendered":"<p>We address the fundamental issues of existence and efficiency of an<br \/>\nequilibrium in a Ramsey model with many agents, where agents have<br \/>\nheterogenous discounting, elastic labor supply and face borrowing constraints.<br \/>\nThe existence of rational bubbles is also tackled. In the first<br \/>\npart, we prove the equilibrium existence in a truncated bounded economy<br \/>\nthrough a fixed-point argument by Gale and Mas-Colell (1975). This equilibrium<br \/>\nis also an equilibrium of any unbounded economy with the same<br \/>\nfundamentals. The proof of existence is eventually given for an infinitehorizon<br \/>\neconomy as a limit of a sequence of truncated economies. Our<br \/>\ngeneral approach is suitable for applications to other models with different<br \/>\nmarket imperfections. In the second part, we show the impossibility<br \/>\nof bubbles in a productive economy and we give sufficient conditions for<br \/>\nequilibrium efficiency.<\/p>\n","protected":false},"featured_media":0,"template":"","cate_publications":[],"author_publications":[1556,1844,1852,1853],"topic_publications":[],"class_list":["post-9362","publications","type-publications","status-publish","hentry","author_publications-cuong-le-van","author_publications-stefano-bosi","author_publications-robert-becker","author_publications-thomas-seegmuller"],"acf":[],"_links":{"self":[{"href":"https:\/\/depocen.org\/vi\/wp-json\/wp\/v2\/publications\/9362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/depocen.org\/vi\/wp-json\/wp\/v2\/publications"}],"about":[{"href":"https:\/\/depocen.org\/vi\/wp-json\/wp\/v2\/types\/publications"}],"wp:attachment":[{"href":"https:\/\/depocen.org\/vi\/wp-json\/wp\/v2\/media?parent=9362"}],"wp:term":[{"taxonomy":"cate_publications","embeddable":true,"href":"https:\/\/depocen.org\/vi\/wp-json\/wp\/v2\/cate_publications?post=9362"},{"taxonomy":"author_publications","embeddable":true,"href":"https:\/\/depocen.org\/vi\/wp-json\/wp\/v2\/author_publications?post=9362"},{"taxonomy":"topic_publications","embeddable":true,"href":"https:\/\/depocen.org\/vi\/wp-json\/wp\/v2\/topic_publications?post=9362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}