世代重複モデルにおける内生的循環について(2)(経済学部開設50周年記念号)

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In this part of my note, I am surveying Grandmont's model [1985], which have examined conditions of endogenous fluctuation in the rate of inflation under overlapping generations model (OLG) with money as means of storage of income (or resources). In this model, Grandmont assumes that consumer's relative degrees of risk aversion are not equal over his (her) life-cycle. And he shows that there are some types of trajectories in the first-order difference equation of inflation ; a cycle of period 2, that of period 3, and more complex ones when old consumer is sufficiently risk averse. But, for tractability of the model, in this note I assume consumer's relative degrees of risk aversion are the same over his (her) life-cycle. As a result, I show that cyclical trajectories never occur and for any initial value the rate of inflation converges to stationary state without holding money (no-monetary equilibrium). This conclusion derives from the change in the assumption of consumer's relative risk aversion, especially that of old consumer.
2010-03-31