Abstract

http://ssrn.com/abstract=1934421
 
 

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Efficient Ramsey Equilibria


Robert A. Becker


Indiana University Bloomington - Department of Economics

Tapan Mitra


Cornell University - Department of Economics

September 27, 2011

Center for Applied Economics and Policy Research (CAEPR) Working Paper No. 2011-009

Abstract:     
Ramsey equilibrium models with heterogeneous agents and borrowing constraints are shown to yield efficient equilibrium sequences of aggregate capital and consumption. The proof of this result is based on verifying that equilibrium sequences of prices satisfy the Malinvaud criterion for efficiency.

Number of Pages in PDF File: 36

Keywords: Ramsey Equilibria, Borrowing Constraints, Efficiency, Malinvaud Criterion

JEL Classification: C61, D90, O41

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Date posted: September 29, 2011  

Suggested Citation

Becker, Robert A. and Mitra, Tapan, Efficient Ramsey Equilibria (September 27, 2011). Center for Applied Economics and Policy Research (CAEPR) Working Paper No. 2011-009. Available at SSRN: http://ssrn.com/abstract=1934421 or http://dx.doi.org/10.2139/ssrn.1934421

Contact Information

Robert A. Becker (Contact Author)
Indiana University Bloomington - Department of Economics ( email )
Bloomington, IN 47405-6620
United States
Tapan Mitra
Cornell University - Department of Economics ( email )
414 Uris Hall
Ithaca, NY 14853-7601
United States
607-255-6283 (Phone)
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