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The relationship between general equilibrium models with infinite-lived agents and overlapping generations models, and some applications

Author

Listed:
  • Ngoc-Sang Pham

    (EM Normandie - École de Management de Normandie = EM Normandie Business School)

Abstract

We prove that a two-cycle equilibrium in a general equilibrium model with infinitely-lived agents also constitutes an equilibrium in an overlapping generations (OLG) model. Conversely, an equilibrium in an OLG model that satisfies additional conditions is part of an equilibrium in a general equilibrium model with infinitely-lived agents. Applying this result, we demonstrate that equilibrium indeterminacy and rational asset price bubbles may arise in both types of models.

Suggested Citation

  • Ngoc-Sang Pham, 2024. "The relationship between general equilibrium models with infinite-lived agents and overlapping generations models, and some applications," Working Papers hal-04776166, HAL.
    • Handle: RePEc:hal:wpaper:hal-04776166
    Note: View the original document on HAL open archive server: https://hal.science/hal-04776166v2
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