The Existence of Ramsey Equilibrium
Copyright policy )The Existence of Ramsey Equilibrium
The authors demonstrate a simple model of the competitive equilibrium in a Ramsey-type economy with a simple capital-consumption good and many households. The assumption of a single capital-consumption good leads them to a numéraire and as a result to a unique price. Also, the rental and wedge payments are measured in current units of the numéraire. The proof of the existence of a competitive equilibrium in such an economy is the main result of the paper. In the proof standard properties of production and utility functions are utilized.
Economic growth models, borrowing constraints, recursive utility, Ramsey equilibrium, Ramsey-type economy, single capital-consumption good, General equilibrium theory, existence of a competitive equilibrium
Economic growth models, borrowing constraints, recursive utility, Ramsey equilibrium, Ramsey-type economy, single capital-consumption good, General equilibrium theory, existence of a competitive equilibrium
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