2015
DOI: 10.1016/j.jmateco.2015.09.009
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Ramsey equilibrium with liberal borrowing

Abstract: * We thank the editor and two anonymous referees of this journal for their helpful comments and suggestions. We also thank the seminar participants at

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Cited by 9 publications
(7 citation statements)
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“…Such a property implies a particular degenerate distribution of wealth as it means that the most patient household owns the entire capital stock of the economy whereas remaining households eventually reach the zero capital stock ownership state and maintain that state thereafter. But contrary to the continuous-time version of the same model studied by Mitra and Sorger [29], 4 the turnpike property does not necessarily hold. Becker and Foias [7] then proved that if the production function is such that the capital income is monotone increasing in the capital stock, then the turnpike property is satisfied.…”
Section: Borrowing Constraints In the Ramsey Model With Heterogenous mentioning
confidence: 82%
See 2 more Smart Citations
“…Such a property implies a particular degenerate distribution of wealth as it means that the most patient household owns the entire capital stock of the economy whereas remaining households eventually reach the zero capital stock ownership state and maintain that state thereafter. But contrary to the continuous-time version of the same model studied by Mitra and Sorger [29], 4 the turnpike property does not necessarily hold. Becker and Foias [7] then proved that if the production function is such that the capital income is monotone increasing in the capital stock, then the turnpike property is satisfied.…”
Section: Borrowing Constraints In the Ramsey Model With Heterogenous mentioning
confidence: 82%
“…In the paper contained in this special section, Becker et al [4] propose to extend the limited borrowing constraint introduced by Borissov and Dubey [12] allowing the households to borrow against their future wage incomes for an exogenous maximum number N ∈ N of periods before debt must be repaid. The particular case of Borissov and Dubey is of course obtained for N = 1.…”
Section: Borrowing Constraints In the Ramsey Model With Heterogenous mentioning
confidence: 99%
See 1 more Smart Citation
“…k jt ≥ 0 for any agents j = 1, • • • , J, the equilibrium is characterized by some wealth inequality with the most patient agents holding the whole amount of capital. 10 Becker et al [20] have relaxed the no borrowing condition by allowing the households to borrow against their future wage incomes for an exogenous maximum number N ∈ N of periods before debt must be repaid. Now at time t, each household can borrow against the wage earned from time t + 1 to t + N , i.e., a household could have negative savings at any time t which is bounded below by the present value of the prevailing wage in time period t + 1 to t + N .…”
Section: Borrowing and Debt Constraintsmentioning
confidence: 99%
“…Можно рассмотреть промежуточную версию модели Рамсеяс ослабленными ограничениями на заимствования Becker et al, 2015), -в которой потребители могут брать в долг под обеспечение своей будущей заработной платы, но только на какое-то конечное число периодов времени вперед. В такого рода модели существует единственное стационарное равновесие, и в нем долг всех относительно нетерпеливых потребителей является максимально возможным (они занимают под обеспечение заработной платы на столько периодов вперед, сколько позволяют условия модели), а самый терпеливый потребитель владеет всем капиталом и долгами всех остальных потребителей.…”
Section: модель рамсея-беккераunclassified