Download as doc, pdf, or txt
Download as doc, pdf, or txt
You are on page 1of 23

( ) ( ) ( ) ( ) ( ) ( )

( ) ( ) ( )
( ) ( ) 1.3 . K,AL F
AL
1
,1
AL
K
F
1.2 0 c all for K,AL cF cK,cAL F
.1 1 t ,L t ,A t K F t Y

,
_

( ) ( ) 4 . 1 k f y
The Impact on Consumption
The Effect on Output in the Long Run
The Speed of Convergence
Chapter 2
INFINITE-HORIZON ANS OVERLAPPING-
GENERATIONS MODELS
( ) ( )
( )
( )
( ) ( )
( )
( ) ( )
( ) ( ) ( )
( ) ( ) ( ) ( ) ( ) ( ) ( ) [ ]
( ) ( ) ( ) ( ) ( ) ( ) ) 5 . 2 (
) 4 . 2 (
) 3 . 2 (
2 . 2 0 1 , 0 ,
1
1 . 2
1
0
t k f t k t k f t w
t k f t k t k f t A t W
t k f t r
g n
t C
t C u
dt
H
t L
t C u e U
t
t



> >

:
+
.
( ) ( )

d r t R
t

0


( ) t R
e .
( )
( ) ( )
( )
( )
) 6 . 2 (
0
0
) (
0
) (
dt
H
t L
t W e
H
K
dt
H
t L
t C e
t
t R
t
t R

+
( )
( ) ( ) [ ]
( )
( )
( ) ( ) [ ]
( )
( )
( ) ( )
( ) ( ) [ ]
( )
( )
( )
( ) 10 . 2 0 lim
9 . 2
0
8 . 2 0
0
lim
) 7 . 2 ( 0
0
) (
0
) ( ) ( ) (
0
) (
0
) (

1
]
1

+
+

H
s K
e
dt
H
t L
t C t W e
H
K
e
H
s K
dt
H
t L
t C t W e
H
K
dt
H
t L
t C t W e
H
K
s R
s
s
t
t R s R s R
s
t
t R
s
t
t R
( ) ( ) ( ) [ ]
( ) [ ] ( )
( )
( )
( )
( ) ( )
( )
( )
( ) ( )
( )
( )
( )
( )
( )
dt
t C
e B
dt
t C
e e e
H
L
A
dt
H
e L t C
e A e
dt
H
t L t C
e U
t c
e A
t c e A
t c t A t C
t
Bt
nt gt
t
t
nt
gt
t
t
t
t
gt
gt

1
]
1

1
1
0
0
) 12 . 2 (
0
1
0
1
1
0
) 11 . 2 (
1
0
1 1
1
0
1
1
0
1
1
1
1
0
1
0
1
1
1
1
1
1 1
( )
( ) ( )
( )
( ) ( )
( )
( ) ( )
( )
( )
( ) ( )
( )
( )
( ) ( ) 15 . 2 0 lim
) 14 . 2 ( 0
) 13 . 2 (
0 0
0
) (
0
) (
0
) (
0
) (
0
) (

+
+
+

+



s k e e
dt e t w e k dt e t c e
dt
H
t L t A
t w e
H
L A
k dt
H
t L t A
t c e
s g n s R
s
t g n
t
t R t g n
t
t R
t
t R
t
t R
( )
( )
( )
( )
( )
( )
( )
( )
( ) ( )
( ) ( )
( )
( )
( ) ( )
( )
( )
( ) ( )
( )
( )
( )
( )
( )
( )
( )
( )
( )
( )
( )
( ) ( )
( ) [ ]
( )
( )
( ) [ ] ) 23 . 2 ( 0
) 22 . 2 (
) 21 . 2 (
) 20 . 2 (
) 19 . 2 (
) 18 . 2 ( ln
) ( ln ln ln
) 17 . 2 (
) 16 . 2 ( 0
1
/
0
0 0
1
0
+

1
1
]
1


+
+

+ +
+ +
+ +

1
]
1

+ +

1
]
1

t g n t r t
t c
t c
t
c e e t c e B c t c e B
t r
g t r
g
t c
t c
t A
t A
t C
t C
g t r g n t r
t c
t c
g n t r
t c
t c
t g n dt r
t g n t R t c t B
e e t c e B
dt t c e e dt t w e e K
dt
t c
e B
t g n t r
t t c t c
t t B Bt
t
t g n Rt Bt
t g n
t
Rt t g n
t
Rt
t
Bt

The Dynamics of c
( )
( )
( ) ( )
) 24 . 2 (

g t k f
t c
t c

The Dynamics of k
The rate of Adjustment and the Slope of the saddle path
2.7 The Effects of Government Purchases
Assumption

You might also like