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Pintus

Publications

Note On Convergence Under Income Tax ProgressivityJournal articlePatrick A. Pintus, Macroeconomic Dynamics, Volume 12, Issue 02, pp. 286-299, 2008

No abstract is available for this item.
Linearly progressive income taxes and stabilizationJournal articleNicolas L. Dromel et Patrick A. Pintus, Research in Economics, Volume 61, Issue 1, pp. 25-29, 2007

No abstract is available for this item.
Dynamic inefficiency in an overlapping generations economy with productionJournal articleGuido Cazzavillan et Patrick A. Pintus, Journal of Economic Theory, Volume 137, Issue 1, pp. 754-759, 2007

Reichlin (JET, 1986) has shown in an OLG model with productive capital that whenever the steady state is locally indeterminate and undergoes a Hopf bifurcation, it is Pareto-optimal. While these results were established under the assumption of Leontief technology, the author has partially extended them to show that the Hopf bifurcation is robust with respect to the introduction of capital-labor substitution. In this note, we prove that the Pareto-optimality of the steady state does not extend to technologies with capital-labor substitution. When the steady state is a sink or undergoes a Hopf bifurcation, it is characterized by over-accumulation with respect to the Golden Rule - the interest rate is negative - hence not Pareto-optimal. Most importantly, it follows that stabilization policies targeting the steady state leave room for welfare losses associated with productive inefficiency, apart from the very special case of Leontief technology.
Local determinacy with non-separable utilityJournal articlePatrick A. Pintus, Journal of Economic Dynamics and Control, Volume 31, Issue 2, pp. 669-682, 2007

This paper introduces general formulations for both technology (with input substitution) and non-separable utility (compatible with balanced growth and stationary worked hours) into a benchmark RBC model. It is shown that intertemporal substitution and input substitutability lead to local determinacy and rule out stationary sunspot equilibria when labor demand is downward-sloping, in contrast with recent results obtained under the assumption of separable utility. The main intuition behind this result is shown to work as follows: in contrast with separable preferences, increasing the elasticity of intertemporal substitution in consumption necessarily implies decreasing the elasticity of constant-consumption labor supply, when utility is non-separable and concave, which affects unfavorably the occurrence of local indeterminacy.
Capital externalities in OLG economiesJournal articleGuido Cazzavillan et Patrick A. Pintus, Journal of Economic Dynamics and Control, Volume 30, Issue 7, pp. 1215-1231, 2006

No abstract is available for this item.
Indeterminacy with almost constant returns to scale: capital-labor substitution mattersJournal articlePatrick A. Pintus, Economic Theory, Volume 28, Issue 3, pp. 633-649, 2006

This paper shows, in the benchmark one-sector Ramsey model, that indeterminacy and sunspots may occur when externalities are small, provided that capital and labor are more substitutable than in the usual Cobb-Douglas specification. Key to the results are the general formulations of both preferences and technology that we consider. In particular, indeterminacy is shown to occur under almost constant returns to scale provided that both concavity of utility for consumption is small enough and labor supply is close to indivisible. An important implication of the results is that, when labor supply is positively sloped, indeterminacy does not necessarily require the equilibrium wage-hours locus to be upward sloping. Copyright Springer-Verlag Berlin/Heidelberg 2006
Endogenous business cycles and dynamic inefficiencyJournal articleGuido Cazzavillan et Patrick A. Pintus, International Journal of Economic Theory, Volume 2, Issue 3-4, pp. 279-294, 2006

This paper explores how the occurrence of local indeterminacy and endogenous business cycles relates to dynamic inefficiency, as defined by Malinvaud (1953), Phelps (1965) and Cass (1972). We follow Reichlin (1986) and Grandmont (1993) by considering a two-period OLG model of capital accumulation with labor-leisure choice into the first-period of agents’ life and consumption in both periods. We first show that local indeterminacy and Hopf bifurcation are necessarily associated with a capital-labor ratio that is, at steady state, larger than the Golden Rule level. Consequently, paths converging asymptotically towards the steady state are shown to be dynamically inefficient, as there always exists another trajectory that starts with the same initial conditions and produces more aggregate consumption at all future dates. More surprising, however, is our main result showing that stable orbits, generated around a dynamically inefficient steady state through a supercritical Hopf bifurcation, may, in contrast, be dynamically efficient.
Business-Cycle Models and the Dangers of LinearizingJournal articleO. Kozlovski, Patrick A. Pintus, S. van Strien et R. de Vilder, Journal of Optimization Theory and Applications, Volume 128, Issue 2, pp. 333-353, 2006

This paper studies the consequences of linearizing nonlinear business–cycle models near their interior steady state. It is shown that dynamic objects, created for example in a Bogdanov-Takens bifurcation, may be lost in the linearization procedure. Sufficient conditions are provided ensuring the absence of various dynamic features in the nonlinear version of the model.
Comment on "Strategic Substitutabilities versus Strategic Complementarities : Towards a General Theory of Expectational Coordination ?", by R.GuesnerieJournal articlePatrick A. Pintus, Revue d'économie politique, Volume 115, Issue 4, pp. 413-415, 2005

No abstract is available for this item.
On competitive cycles and sunspots in productive economies with a positive money stockJournal articleGuido Cazzavillan et Patrick A. Pintus, Research in Economics, Volume 59, Issue 2, pp. 137-147, 2005

No abstract is available for this item.