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| Author: | Becker, R. Foias, C. |
| Title: | The local bifurcation of Ramsey equilibrium |
| Journal: | Economic Theory
1994 : VOL. 4:5, p. 719-744 |
| Index terms: | ECONOMIC THEORY BORROWING EQUILIBRIUM THEORY |
| Language: | eng |
| Abstract: | The elasticity of substitution has been proposed as one factor in the generation of aggregate fluctuations in dynamic models with incomplete markets. The authors study the existence of periodic solutions in a one-sector neoclassical capital accumulation model under borrowing constrains with infinitely-lived heterogeneous agents. A dynamical system representing an equilibrium profile with only the most patient agent holding capital is analyzed when capital income is not an increasing function of total capital. |
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