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| Multiple Equilibrium and Economic Efficiency in OLG Model with Production:Recognize the Role of Government in the Economy |
| WANG Dihai, CUI Xiaoyong, ZOU Hengfu
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Economics School, Fudan University;
Economics School, Peking University;
CEMA, Central University of Finance and Economics |
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Abstract The paper analyzes competitive equilibrium and economic efficiency in an OLG model with production loans and public capital (or public debt), and we show that there are the same characters in our OLG model as in a pure exchange OLG model. Furthermore, this paper concludes that, in an OLG model with production loans and government public capital (or public debt), (i) there exist two kinds of steady state path, one is golden rule path in which the rate of interest equals the growth rate of population, and the other is a classical “balanced” path in which the public capital or public debt is zero; (ii) the golden rule path is always Pareto optimal and social optimal, but the classical “balanced” path is not always social optimal and even not Pareto optimal in Samuelson case; (iii) the golden rule program is globally stable in the classical case and the classical “balanced” program is globally stable in the Samuelson case. Based the above results, this paper also discusses the role of the government in the economy.
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Received: 23 November 2016
Published: 18 January 2018
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