English, Article, Journal or magazine article edition: Existence, Uniqueness and Stability of Equilibrium in an Overlapping Generation Model with Monopolistic Competition and Free Entry and Exit of Firms Fernando del Rio; Omar Licandro

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Existence, Uniqueness and Stability of Equilibrium in an Overlapping Generation Model with Monopolistic Competition and Free Entry and Exit of Firms
Author
  • Fernando del Rio
  • Omar Licandro
Physical Description
  • preprint
Notes
  • In this paper we have analyzed existence, uniqueness and stability of a steady-state equilibrium in an overlapping generations model with monopolistic competition and free entry and exit of firms. We establish a strenghtened Inada condition that is sufficient to exclude global contraction for any given set of well-behaved preferences. We also establish sufficient conditions for a non-trivial steady-state equilibrium to exist, and also sufficient conditions for its uniqueness and global stability. We show that the size of mark-up over marginal cost and the particular mix of fixed costs play a crucial role in these conditions and consequently on the dynamic behavior of the economy
  • Equilibrium; Existence; Monopolistic Competition; Overlapping Generations; Stability; Uniqueness
  • RePEc:ctl:louvir:2001032
Language
  • English
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