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- W1987742110 abstract "This paper reports results on the character of the rational expectations equilibria of a stochastic overlapping generations model with heterogenous markets. The model considered is a stationary overlapping generations model in which the endowments of young agents are subject to i.i.d. random shocks. The main result shown is that if there are l > 1 commodities traded in every period, then for most preferences, the rational expectations equilibrium stochastic process of prices and allocations necessarily exhibits serial correlation. This is in marked contrast to the one commodity model in which there always exists an equilibrium which is measure isomorphic to the endowment process." @default.
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- W1987742110 date "1985-08-01" @default.
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- W1987742110 title "Rational expectations in the overlapping generations model" @default.
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- W1987742110 doi "https://doi.org/10.1016/0022-0531(85)90043-2" @default.
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