Macroeconomic Dynamics Vol

13651005_16-S1.qxd 3/19/12 9:41 PM Page 1 Macroeconomic Dynamics Vol. 16, Supplement 1, April 2012 Pages 1–166 VOLUME 16, SUPPLEMENT 1, APRIL 2012 MACROECONOMIC DYNAMICS Volume 16, Supplement 1, April 2012 Contents

Special Issue in Honor of Kazuo Nishimura on Nonlinear Dynamics in Equilibrium Models Edited by John Stachursky, Alain Venditti, and Mahoto Yano INTRODUCTION Introduction to Macroeconomic Dynamics Special Issue in Honor of Kazuo Nishimura: Nonlinear Dynamics in Equilibrium Models John Stachurski, Alain Venditti, and Makoto Yano 1 ARTICLES MACROECONOMIC Tribute to Kazuo Nishimura Jean-Michel Grandmont 5 Efficient Ramsey Equilibria DYNAMICS Robert A. Becker and Tapan Mitra 18 Existence of Competitive Equilibrium in an Optimal Growth Model with Heterogeneous Agents and Endogenous Leisure Aditya Goenka, Cuong Le Van, and Manh-Hung Nguyen 33 Discrete Choice and Complex Dynamics in Deterministic Optimization Problems Takashi Kamihigashi 52 Long-Run Optimal Behavior in a Two-Sector Robinson–Solow–Srinivasan Model M. Ali Khan and Tapan Mitra 70 Endogenous Business Cycles in Overlapping-Generations Economies with Multiple Consumption Goods Carine Nourry and Alain Venditti 86 Does the Capital Intensity Matter? Evidence from the Postwar Japanese Economy and Other OECD Countries Harutaka Takahashi, Koichi Mashiyama, and Tomoya Sakagami 103 Bounding Tail Probabilities in Dynamic Economic Models John Stachurski 117 Comparative Dynamics in Stochastic Models with Respect to the L∞–L∞ Duality: A Differential Approach Kenji Sato and Makoto Yano 127 The Equity Premium in Consumption and Production Models EDITOR: WILLIAM A. BARNETT Levent Akdeniz and W. Davis Dechert 139 Does Fiscal Policy Matter? Blinder and Solow Revisited Roger E. A. Farmer and Dmitry Plotnikov 149

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Volume 16, Supplement 1, April 2012

Special Issue in Honor of Kazuo Nishimura on Nonlinear Dynamics in Equilibrium Models

Edited by John Stachursky, Alain Venditti, and Mahoto Yano

Downloaded from https://www.cambridge.org/core. IP address: 170.106.35.76, on 01 Oct 2021 at 23:46:38, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/S1365100512000387 Downloaded from https://www.cambridge.org/core. IP address: 170.106.35.76, on 01 Oct 2021 at 23:46:38, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/S1365100512000387 MACROECONOMIC DYNAMICS

Volume 16, Supplement 1, April 2012 Contents

Special Issue in Honor of Kazuo Nishimura on Nonlinear Dynamics in Equilibrium Models Edited by John Stachursky, Alain Venditti, and Mahoto Yano

INTRODUCTION Introduction to Macroeconomic Dynamics Special Issue in Honor of Kazuo Nishimura: Nonlinear Dynamics in Equilibrium Models John Stachurski, Alain Venditti, and Makoto Yano 1

ARTICLES Tribute to Kazuo Nishimura Jean-Michel Grandmont 5 Efﬁcient Ramsey Equilibria Robert A. Becker and Tapan Mitra 18 Existence of Competitive Equilibrium in an Optimal Growth Model with Heterogeneous Agents and Endogenous Leisure Aditya Goenka, Cuong Le Van, and Manh-Hung Nguyen 33 Discrete Choice and Complex Dynamics in Deterministic Optimization Problems Takashi Kamihigashi 52 Long-Run Optimal Behavior in a Two-Sector Robinson–Solow–Srinivasan Model M. Ali Khan and Tapan Mitra 70 Endogenous Business Cycles in Overlapping-Generations Economies with Multiple Consumption Goods Carine Nourry and Alain Venditti 86

Does the Capital Intensity Matter? Evidence from the Postwar Japanese Economy and Other OECD Countries Harutaka Takahashi, Koichi Mashiyama, and Tomoya Sakagami 103 Bounding Tail Probabilities in Dynamic Economic Models John Stachurski 117

Comparative Dynamics in Stochastic Models with Respect to the L∞–L∞ Duality: A Differential Approach Kenji Sato and Makoto Yano 127 The Equity Premium in Consumption and Production Models Levent Akdeniz and W. Davis Dechert 139 Does Fiscal Policy Matter? Blinder and Solow Revisited Downloaded Rogerfrom https://www.cambridge.org/core E. A. Farmer and Dmitry. PlotnikovIP address: 170.106.35.76, on 01 Oct 2021 at 23:46:38, subject to the Cambridge149 Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/S1365100512000387 SUBSCRIPTION INFORMATION: Macroeconomic Dynamics (ISSN 1365-1005) is published five times a year plus supplements. Annual subscription rates for Volume 16, 2012: Institutional rate is (print and electronic) $662.00 in the USA, Canada, and Mexico, £399.00 + VAT elsewhere. Insti- tutional rate (electronic only) $553.00 in the USA, Canada, and Mexico, £338.00 + VAT elsewhere. Institutional rate (print only) $608.00 in the USA, Canada, and Mexico, £361.00 + VAT elsewhere. Individual rate is (print and electronic) $187.00 in the USA, Canada, and Mexico, £105.00 + VAT elsewhere. Individual rate (print only) $196.00 in the USA, Canada, and Mexico, £111.00 + VAT elsewhere. Students (print only) $122.00 in the USA, Canada, and Mexico, £46.00 + VAT elsewhere. For members of the Econometric Society, the Society for the Advancement of Economic Theory, the Society for Nonlinear Dynamics and Econometrics, the Society for Computational Economics, and the Society for the Promotion of Economic Theory the rate is $100.00 in the USA, Canada, and Mexico, £62.00 + VAT elsewhere. Institutional access is via IP address range(s) or domain name(s); individual subscriber access is via a username and password. Prices include postage; airmail is extra. Write to Cambridge University Press, 32 Avenue of the Americas, New York, NY 10013-2473, or outside the USA, Canada, and Mexico to Cambridge University Press, The Edinburgh Building, Shaftesbury Road, Cambridge CB2 8RU, England. Claims for missing issues should be made immediately after receipt of the next issue. Periodicals postage pending at NewYork, NY and additional mailing offices. Postmaster: send address changes in the USA, Canada, and Mexico to: Macroeconomic Dynamics, Cambridge University Press, 100 Brook Hill Drive, West Nyack, NY 10994-2133. Send address changes elsewhere to: Macroeconomic Dynamics, Journals Dept., Cambridge University Press, The Edinburgh Building, Shaftesbury Road, Cambridge, CB2 8RU, U.K. c 2012 Cambridge University Press. Photocopying information for users in the USA: The Item-Fee Code for this publication indicates that copying for internal or personal use beyond that permitted by Section 107 or 108 of the US Copyright Law is authorized for users duly registered with the Copyright Clearance Center (CCC) Transactional Reporting Service, provided that the appropriate remittance of $18.00 per article is paid directly to: CCC, 222 Rosewood Drive, Danvers, MA 01923. Specific written permission must be obtained from the publisher for all other copying. The Item-Fee Code for this journal is 1365-1005/12 $18.00. ISI Tearsheet Service, 3501 Market Street, Philadelphia, PA 19104, USA is authorized to supply single copies of separate article for private use only. Article reprints are available from the authors. For orders of 50 or more reprints, contact Cambridge University Press. Macroeconomic Dynamics is indexed in EconLit; The Journal of Economic Literature (e-JEL and JEL on CD); ISI: Current Contents/Social & Behavioral Sciences; Social Sciences Citation Index; Research Alert; Mathematical Reviews; MathSciNet; Zentralblatt fur Mathematik.

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