Abstract
In the present paper, the issue of the existence of optimal barter steady states is addressed in a stationary overlapping generations model with many commodities and many different long-lived consumers. A general characterization of the individual endowments leading to an optimal barter steady state is obtained. The result, which is a generalization of Benveniste and Cass [Journal of Political Economy (1986) 94, 402–407], is obtained as a corollary of an unpublished result of Cass 1982 (unpublished manuscript).
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