Excerpt from Determinacy of Equilibrium in Infinite Horizon Economics: A PerspectiveMuller and Woodford develop a stationary overlapping generations model with production, with infinite-lived as well as finite-lived consumers, and with nondepreciating assets called land that yield a stationary stream of consumption goods. There are n goods in each time period. Each generation of finite-lived agents is identical, and consists of a finite number of agents who consume in period t and t+1. There is also a generation 0 that consists of a finite number of agents who consume only in period 1. In addition, there is a finite set of infinite-lived agents that live in every period. Each infinite-lived agent has an additively separable utility function and an endowment that is the same in each period. Finally, there is a constant returns to scale production technology available in each period that allows production spanning two periods.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.