Stationary Markov Equilibria in an Olg Model with Correlated Production Shocks
研究生产冲击随时间相关时世代交叠模型中平稳均衡的存在性，发现存在非太阳黑子的时间齐次马尔可夫过程均衡，并给出非平凡平稳均衡存在的充分条件。
In this paper, the author examines the existence of stationary equilibria in an overlapping generations model where production shocks are correlated over time. In general, the system is complicated by dynamic indeterminacy and possibility of sunspot equilibria. However, there exists a time-homogeneous Markov process of the state variable that represents a nonsunspot dynamic equilibrium. The long-run analysis establishes a sufficient condition for the existence of a nontrivial stationary equilibrium. Moreover, it is shown that the conventional restrictions on the production function are not sufficient to prevent the economy from converging to zero production and consumption. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.