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Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital

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  • Oded Galor
  • Harl E. Ryder

Abstract

This paper analyzes the existence, uniqueness, and stability of a steady-state equilibrium in an overlapping-generations model with productive capital. It is shown that for any feasible set of well-behaved preferences there exists a production function that satisfies the Inada conditions under which the economy experiences global contraction and the steady-state equilibrium is characterized by the absence of production and consumption. The study establishes a strengthened Inada condition which is necessary to preclude global contraction. and sufficient conditions for the existence of a unique and globally stable non-trivial steady-state equilibrium.

Suggested Citation

  • Oded Galor & Harl E. Ryder, 1988. "Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital," Working Papers 1988-07, Brown University, Department of Economics.
    • Handle: RePEc:bro:econwp:1988-07
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