- 著者
- BERNHARD ECKWERT ULRICH K. SCHITTKO
- 出版者
- JAPANESE ECONOMIC ASSOCIATION
- 雑誌
- The Economic Studies Quarterly (ISSN:0557109X)
- 巻号頁・発行日
- vol.44, no.4, pp.311-324, 1993-12-20 (Released:2007-10-19)
- 参考文献数
- 8
This paper analyzes the dynamic behavior and efficiency properties of a disaggregated two-country model with production. Trade occurs in consumption goods, investment goods and in equities issued by firms of both countries. However trade between the two countries is always balanced, so that no international lending and borrowing takes place and no international trade in equities is allowed. In the long run the economy may not converge to a stationary state but exhibits endogenous competitive business cycles. The efficiency properties of these cycles are closely related to those of the stationary equilibrium. Loosely speaking, weak efficiency of a cyclical equilibrium is more likely the more efficient (in a Pareto sense) the stationary equilibrium, the more volatile the intertemporal price ratio and the larger the period of the cycle is.
- 著者
- BERNHARD ECKWERT
- 出版者
- JAPANESE ECONOMIC ASSOCIATION
- 雑誌
- The Economic Studies Quarterly (ISSN:0557109X)
- 巻号頁・発行日
- vol.44, no.3, pp.193-205, 1993-09-20 (Released:2007-10-19)
- 参考文献数
- 21
Within the framework of a stochastic version of the overlapping generations model a general choice theoretic portfolio approach is presented. Competitive equilibria are shown to be nonoptimal in a Pareto sense (and hence can potentially be improved by some policy action), if there exist two individuals of some generation t, such that the ratio of marginal utilities of future consumption is random. Finally, a short-run welfare criterion is provided, which is based on observable data only. The ordering induced by this criterion on the set of competitive equilibria is not complete, however.
- 著者
- BERNHARD ECKWERT
- 出版者
- JAPANESE ECONOMIC ASSOCIATION
- 雑誌
- The Economic Studies Quarterly (ISSN:0557109X)
- 巻号頁・発行日
- vol.42, no.3, pp.193-212, 1991-09-20 (Released:2007-10-19)
- 参考文献数
- 21
A version of the overlapping generations model is used to analyze consumer behavior and the properties of monetary equilibria if agents are faced with a nonlinear rate-of-return schedule on saving. Optimal individual decisions depend on economic parameters in a non-standard way. Unlike money stocks may be crowded out of the economy by the competitive mechanism. In a long run rational expectations equilibrium either real stock prices or the aggregate supply of stocks constitute a free parameter of the model. In the short run, if expectations are inelastic, no endogenous constraints on nominal stock prices exist while nominal goods and real stock prices are restricted to certain subsets of the positive real line.