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Dynamic inefficiency in an overlapping generations economy with production
No full textReichlin [Equilibrium cycles in an overlapping generations economy with production, J. Econ. Theory 40 (1986) 89–102] has shown in an OLG model with productive capital that whenever the steady state is locally indeterminate and undergoes a Hopf bifurcation, it is Pareto-optimal. While these results were established under the assumption of Leontief technology, the author has partially extended them to show that the Hopf\ud
bifurcation is robust with respect to the introduction of capital–labor substitution. In this note, we prove that the Pareto-optimality of the steady state does not extend to technologies with capital–labor substitution.\ud
When the steady state is a sink or undergoes a Hopf bifurcation, it is characterized by over-accumulation with respect to the Golden Rule—the interest rate is negative—hence not Pareto-optimal. Most importantly, it follows that stabilization policies targeting the steady state leave room for welfare losses associated with productive inefficiency, apart from the very special case of Leontief technology
Endogenous business cycles and dynamic inefficiency
No full textWorking Paper n. 37
Department of Economics
Ca' Foscari University of Venic
Endogenous Labor Supply, Gross Substitutability, and Robustness of Multiple Equilibria in OLG Economies
No full textL’utenza della neuropsichiatria Infantile: analisi epidemiologica di un servizio territoriale
No full textGrowth and financial liberalization under capital collateral constraints: The striking case of the stochastic AK model with CARA preferences
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Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Decrease of thyroid-hormones in patients with familial hypercholesterolemia during dextran sulfate low-density-lipoprotein apheresis
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