Scelta delle tecniche e mercato dei titoli in un modello stazionario con generazioni sovrapposte

The paper deals with an overlapping generation model with production in which firms issue securities in order to finance the outlay for the costs of production. We assume there are many different commodities, and each of them can be produced by many different methods, forming alternative techniques. Since we focus on stationary conditions, because of the non-substitution theorem, once an interest rate is given, the technique in use and the price system are determined accordingly. Since re-switching and reverse capital deepening are possible in the model we consider, then higher interest rate levels can be associated with the use of technique with a greater net product per worker – namely less labour-intensive techniques. The main result of the paper concerns the possibility of reverse capital deepening as an equilibrium phenomenon. In the event of multiple equilibria, equilibria with a higher interest rate can be associated with a greater net output per unit of labour.