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Pré-publication, Document de travail Année : 2018

Competitive Equilibrium Cycles for Small Discounting in Discrete-Time Two-Sector Optimal Growth Models

Résumé

We study the existence of endogenous competitive equilibrium cycles under small discounting in a two-sector discrete-time optimal growth model. We provide precise concavity conditions on the indirect utility function leading to the existence of period-two cycles with a critical value for the discount factor that can be arbitrarily close to one. Contrary to the continuous-time case where the existence of periodic-cycles is obtained if the degree of concavity is close to zero, we show that in a discrete-time setting the driving condition does not require a close to zero degree of concavity but a symmetry of the indirect utility function’s concavity properties with respect to its two arguments.
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Dates et versions

halshs-01934842, version 1 (26-11-2018)

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  • HAL Id : halshs-01934842 , version 1

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Alain Venditti. Competitive Equilibrium Cycles for Small Discounting in Discrete-Time Two-Sector Optimal Growth Models. 2018. ⟨halshs-01934842⟩
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