caa a22 4500 605475733 CHVBK 20210128100353.0 cr unu---uuuuu 210128e20150201xx s 000 0 eng 10.1007/s00199-014-0810-6 doi (NATIONALLICENCE)springer-10.1007/s00199-014-0810-6 On existence and bubbles of Ramsey equilibrium with borrowing constraints [Elektronische Daten] [Robert Becker, Stefano Bosi, Cuong Le Van, Thomas Seegmuller] We study the existence of equilibrium and rational bubbles in a Ramsey model with heterogeneous agents, borrowing constraints and endogenous labor. Applying Kakutani's fixed-point theorem, we prove the existence of equilibrium in a time-truncated bounded economy. A common argument shows this solution to be an equilibrium for any unbounded economy with the same fundamentals. Taking the limit of a sequence of truncated economies, we eventually obtain the existence of equilibrium in the Ramsey model. In the second part of the paper, we address the issue of rational bubbles and we prove that they never occur in a productive economy à la Ramsey. Springer-Verlag Berlin Heidelberg, 2014 Existence of equilibrium nationallicence Bubbles nationallicence Ramsey model nationallicence Heterogeneous agents nationallicence Borrowing constraint nationallicence Endogenous labor nationallicence Becker Robert Department of Economics, Indiana University, Bloomington, IN, USA aut Bosi Stefano EPEE, University of Evry, Evry, France aut Le Van Cuong IPAG Business School, CNRS, VCREME and PSE, Paris, France aut Seegmuller Thomas Aix-Marseille University (Aix-Marseille School of Economics), CNRS-GREQAM and EHESS, Marseille, France aut Economic Theory Springer Berlin Heidelberg 58/2(2015-02-01), 329-353 0938-2259 58:2<329 2015 58 199 https://doi.org/10.1007/s00199-014-0810-6 text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s00199-014-0810-6 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Becker Robert Department of Economics, Indiana University, Bloomington, IN, USA aut NATIONALLICENCE 700 1- Bosi Stefano EPEE, University of Evry, Evry, France aut NATIONALLICENCE 700 1- Le Van Cuong IPAG Business School, CNRS, VCREME and PSE, Paris, France aut NATIONALLICENCE 700 1- Seegmuller Thomas Aix-Marseille University (Aix-Marseille School of Economics), CNRS-GREQAM and EHESS, Marseille, France aut NATIONALLICENCE 773 0- Economic Theory Springer Berlin Heidelberg 58/2(2015-02-01), 329-353 0938-2259 58:2<329 2015 58 199