Dihai Wang, Gaowang Wang, Heng-fu Zou
Author information
a School of Economics, Fudan University, Shanghai 200433, China
b Center for Economic Research, Shandong University, Jinan 250100, China
c China Economics and Management Academy, Central University of Finance and Economics, Beijing 100083, China
E-mail: wangdihai@fudan.edu.cn (Dihai Wang), gaowang.wang@sdu.edu.cn (Gaowang Wang), hzoucema@gmail.com (Heng-fu Zou)
The paper shows that there do exist two kinds of steady states equilibria in the overlapping generations models with consumption and production loans, similar to the pure exchange economies examined by Gale (1973). Furthermore, the local stability properties of these two (kinds of) steady states are also investigated: In the classical case, the golden-rule steady state is stable and the balanced steady state is saddle-point stable; however, in the Samuelson case, the golden-rule steady state is saddle-point stable and the balanced steady state is stable.
Dihai Wang, Gaowang Wang, Heng-fu Zou. Competitive Equilibrium in an Overlapping Generations Model with Production Loans. Front. Econ. China, 2017, 12(2): 268‒279 https://doi.org/10.3868/s060-006-017-0012-3
