Variabilidad de precios relativos en modelos de generaciones superpuestas

Abstract

This work presents an stochastic version of a two-goods economy general equilibrium model with overlapping generations which has implications with regard to households' production, consumption and saving decisions and the behaviour of time series corresponding to relative commodity prices and quantities in an environment where the money supply follow, a first order Markov process. Even though a proof of existence of equilibrium for this economy is not provided, a set of functions that one hopes would satisfy equilibrium conditions imply that the model is consistent with positive (time series) correlations between the relative price of the durable good (in terms of the non-durable good) and the production an purchases of that good and with negative (time series) correlations between the relative price of the durable good and its rental price, the production of the non-durable good and the ratio of consumption of the non-durable good to the stock of the durable good. Also, it is found that variability in the rate of change of money supply may be accompanied by variability in equilibrium relative prices and quantities.