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Overlapping Families of Infinitely-Lived Agents

Abstract : This paper develops a model in which new and infinitely-linked dynasties, which are, by definition, not linked to pre-existing families through operative intergenerational transfers, continuously enter the economy over time. This model of infinitely-lived families possesses most of the properties characteristic of standard overlapping generation frameworks: competitive equilibria can be inefficient, bubbles may exist, and Ricardian neutrality does not in general hold. Contrary to a widespread but erroneous belief, the terms ‘infinite horizon model’ and ‘representative agent model’ are, therefore, not interchangeable.
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Submitted on : Thursday, October 21, 2021 - 10:06:19 PM
Last modification on : Tuesday, January 25, 2022 - 3:18:03 PM

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  • HAL Id : hal-03393291, version 1
  • SCIENCESPO : 2441/8661

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Philippe Weil. Overlapping Families of Infinitely-Lived Agents. Journal of Public Economics, Elsevier, 1989, 38 (2), pp.183 - 198. ⟨hal-03393291⟩

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