Disequilibrium Dynamics With Naive Agents in the Overlapping Generations Model With Money
Mathematical Social Sciences, 1993, 26, 2, 139-155
SACCO, Pier Luigi, Disequilibrium Dynamics With Naive Agents in the Overlapping Generations Model With Money, Mathematical Social Sciences, 1993, 26, 2, 139-155 - http://hdl.handle.net/1814/16795
Retrieved from Cadmus, EUI Research Repository
This paper studies the disequilibrium dynamics of the overlapping generations model with money under the assumption that agents are not aware of the strategic opportunities left open by nonequilibrium trade. The standard OG model is extended to a continuous time framework. It is found that the continuous time adjustment dynamics may be asymptotically equivalent to the discrete time generational dynamics. Some examples and comments on the general result are provided.
Cadmus permanent link: http://hdl.handle.net/1814/16795
Full-text via DOI: 10.1016/0165-4896(93)90002-Z
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