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Palgrave Macmillan

Overlapping Generations Economies

ISBN 9780230243330
Publication Date June 2010
Formats Hardcover Ebook (EPUB) Ebook (PDF) Paperback 
Publisher Palgrave Macmillan

In the past two decades the overlapping generations (OG) model has become a dominant framework in macroeconomic analysis. This book provides a clear and self-contained introduction to OG economies.

Starting with the existence of equilibrium and the optimality of allocations, the discussion then turns to properties of equilibria, including the existence of fluctuations and sunspot equilibria, ending with applications to the theories of exchange rates and endogenous growth.

Throughout the book, OG economies are compared and contrasted with optimal growth economies. The presentation includes detailed proofs of results as well as illustrative examples. Growing out of research and teaching experience on the subject, the book is suitable for advanced students and researchers.

MICH TVEDE is Professor in the Department of Economics, University of Copenhagen, Denmark. His research interests include consumer theory, economic dynamics, general equilibrium and incomplete financial markets

PART I: OVERLAPPING GENERATIONS ECONOMIES
Pure Exchange OG Economies
Optimality
Optimal Growth Economies
Stationary OG Economies
Fluctuations
Currencies 
OG Economies with Production
Endogenous Growth
PART II: CONSUMERS AND FIRMS
Consumers
Preferred Sets and Support Functions
Consumers under Uncertainty 
Firms
Appendix A: Sequences, Sets and Functions
Appendix B: Differentiability of Functions 
Appendix C: Separation of Convex Sets
Appendix D: Dynamical Systems
References


 

Reviews

"Tvede understands what matters. His focused, precise exposition of the model of overlapping generations is of exemplary clarity." - Herakles Polemarchakis, Professor of Economics. University of Warwick
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