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|Title:||Dynamic efficiency in the two-sector overlapping generations model|
|Source:||Cremers, E.T. (2006). Dynamic efficiency in the two-sector overlapping generations model. Journal of Economic Dynamics and Control 30 (11) : 1915-1936. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jedc.2005.05.012|
|Abstract:||This paper examines dynamic efficiency in the context of a two-sector overlapping generations model. First, conditions for dynamic efficiency in a centrally planned economy are derived. Then, in a competitive environment, the implications of dynamic (in)efficiency for the steady state relative price and steady state welfare are demonstrated. For the special case of a log-linear world, the golden rule savings rate is identified along with restrictions on parameters that yield dynamically efficient steady states. The results are further demonstrated via a welfare analysis of a simple tax/subsidy scheme. © 2005 Elsevier B.V. All rights reserved.|
|Source Title:||Journal of Economic Dynamics and Control|
|Appears in Collections:||Staff Publications|
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