Long-run equilibria with borrowing constraints and altruism
dc.contributor.author | Laitner, John P. | en_US |
dc.date.accessioned | 2006-04-10T15:56:24Z | |
dc.date.available | 2006-04-10T15:56:24Z | |
dc.date.issued | 1993 | en_US |
dc.identifier.citation | Laitner, John (1993)."Long-run equilibria with borrowing constraints and altruism." Journal of Economic Dynamics and Control 17(1-2): 65-96. <http://hdl.handle.net/2027.42/31039> | en_US |
dc.identifier.uri | http://www.sciencedirect.com/science/article/B6V85-46MMW27-5/2/f06505f3854351386507b9941acb846d | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/31039 | |
dc.description.abstract | This paper adapts a nonstochastic overlapping generations model to include liquidity constraints and intergenerational altruism. Existing work indicates the importance of both but often considers them separately. This paper studies their interactions. First, it shows that they tend to conflict - the model only admits stationary equilibria with dynastic wealth accumulation but no binding liquidity constraints, or with binding constraints but no dynastic accumulation. Second, it examines the latter type of equilibrium closely. If liquidity constraints bind, quantitative examples imply that consequent utility losses may be small and that economywide wealth accumulation tends to be unrealistically low. | en_US |
dc.format.extent | 1453622 bytes | |
dc.format.extent | 3118 bytes | |
dc.format.mimetype | application/pdf | |
dc.format.mimetype | text/plain | |
dc.language.iso | en_US | |
dc.publisher | Elsevier | en_US |
dc.title | Long-run equilibria with borrowing constraints and altruism | en_US |
dc.type | Article | en_US |
dc.rights.robots | IndexNoFollow | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.description.peerreviewed | Peer Reviewed | en_US |
dc.contributor.affiliationum | University of Michigan, Ann Arbor, MI 48109, USA | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/31039/1/0000716.pdf | en_US |
dc.identifier.doi | http://dx.doi.org/10.1016/0165-1889(93)90065-Z | en_US |
dc.identifier.source | Journal of Economic Dynamics and Control | en_US |
dc.owningcollname | Interdisciplinary and Peer-Reviewed |
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