| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12787 |
| DP12787 Equilibrium Indeterminacy with Parental Altruism | |
| PIETRO REICHLIN | |
| 发表日期 | 2018-03-09 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Equilibria where altruistic generations are linked via positive bequests are indeterminate and subject to sunspot variables when each individual's utility in non-separable in her own age contingent consumption and sufficiently biased towards old age. This result does not require strong income effects and it applies if individuals select their own savings and bequests by taking the decisions of their offsprings and successors as given. In this case, the equivalence with the Dynastic Equilibria of a Ramsey-type model envisaged in Barro (1974) fails. I show that the structure of equilibria of the olg model with altruism is more similar to the one generated in a canonical olg economy with two goods. |
| 主题 | Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Bequets Parental altruism Indeterminacy |
| URL | https://cepr.org/publications/dp12787 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541596 |
| 推荐引用方式 GB/T 7714 | PIETRO REICHLIN. DP12787 Equilibrium Indeterminacy with Parental Altruism. 2018. |
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