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On equilibrium elasticities of substitution in simple overlapping generations economies with heterogenous goods
Mathematical Social Sciences ( IF 0.5 ) Pub Date : 2021-04-24 , DOI: 10.1016/j.mathsocsci.2021.03.012
Jean-Paul Barinci , Hye-Jin Cho , Jean-Pierre Drugeon

This contribution1 introduces a sectoral supply functions approach of equilibrium dynamics in the context of a simple model of overlapping generations with heterogenous goods. The class of preferences that is here considered hinges upon an endogenous leisure motive and an elementary savings behaviour, that comes as a simpler alternative to the Diamond tradition in the benchmark contributions about the properties of overlapping generations economies with two industries. The presence of some institution making possible intergenerational transfers is shown to influence both the equilibrium aggregate factors shares and elasticity of substitution along a stationary equilibrium. Both Wealth-to-Capital and Golden Rule steady state equilibria being considered, the economies are categorised, either as Samuelsonian or classical, according to the sign of the transfers between generations at the Golden Rule steady state. The local stability properties of the various types of equilibria are successively investigated, the elasticities of substitution between the two inputs being emphasised to play a key-role for that purpose. Interestingly, the smoothing properties of factors substitution on the obtention of local uniqueness may differ between the Samuelsonian and classical economies.



中文翻译:

具有异质商品的简单重叠世代经济中替代的均衡弹性

该贡献1引入了部门供应功能带有异质货物的世代重叠的简单模型中的平衡动力学方法。这里考虑的一类偏好取决于内生的休闲动机和基本的储蓄行为,这是钻石传统的一种更简单的替代方法,它是关于具有两个行业的世代经济的特征的基准贡献。一些机构的存在使得代际转移成为可能,这影响了平衡聚集因子的份额和沿着平稳平衡的替代弹性。考虑到从财富到资本和黄金法则的稳态均衡,经济体分为萨缪尔森式或古典式,根据世代相传的黄金法则稳态的迹象。依次研究了各种类型的平衡的局部稳定性,其中强调了两个输入之间的替代弹性,以达到该目的的关键作用。有趣的是,在萨缪尔逊主义和古典经济之间,因局部唯一性而导致的要素替代的平滑性质可能有所不同。

更新日期:2021-04-24
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