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Debt, Deficits and Finite Horizons: The Stochastic Case / Roger Farmer, Carine Nourry, Alain Venditti.
- Format:
- Book
- Author/Creator:
- Farmer, Roger.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w15025.
- NBER working paper series no. w15025
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2009.
- Summary:
- We introduce a solution technique for the study of discrete time stochastic models populated by long-lived agents. We introduce aggregate uncertainty and complete markets into a 'perpetual-youth' model of a kind first studied by Olivier Blanchard and we show that the pure-trade version of the model behaves much like the two-period overlapping generations model. Our methods are easily generalized to economies with production and they should prove useful to researchers who seek a tractable stochastic model in which fiscal policy has real effects on aggregate allocations.
- Notes:
- Print version record
- June 2009.
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