Author:
Becker Robert A.,Mitra Tapan
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.
Publisher
Cambridge University Press (CUP)
Subject
Economics and Econometrics
Cited by
17 articles.
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