Seminar Abstract

【Pure Exchange Equilibrium of Overlapping Generations Model】

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Speaker: 厚見 博

Affiliation: 筑波大学 名誉教授

Date and Time: 2003. 5. 8 (Thu), 4:40 - 6:00 p.m.

Place: 3F1136

Chair: 金子 守

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Abstract: 

This paper deals with Samuelson's pure consumption loan in 
a multi-period model, showing that ideally competitive 
markets are not workable when population is changing. The 
private loan requires the balance of credits and debts 
among the existing generations, and the no trade state 
will prevail as a natural consequence. Thus, in general, 
it is not possible to determine the equilibrium rate of 
interest. The meaning of golden rule state related to the 
'hump saving' is also discussed.