Can There be Short-Period Deterministic Cycles When People are Long Lived?
研究长寿但有限寿命的世代交叠模型中短周期确定性波动的存在性，发现正贴现时非货币周期消失且货币稳态与周期不存在，负贴现时则存在稳健的货币稳态与周期。
This paper considers whether short-period deterministic cycles can exist in a class of stationary overlapping generations models with long- (but finite-) lived agents. It shows that if agents discount the future positively, then as life spans get large, nonmonetary cycles will disappear. Further, neither constant monetary steady states nor stationary monetary cycles can exist. It also shows that if agents discount the future negatively, then there are robust examples in which constant monetary steady states as well as stationary monetary cycles (with undiminished amplitude) can occur no matter how long agents live.