Stationary Ramsey equilibria under uncertainty

Deterministic dynamic equilibrium models with borrowing constraints and heterogeneous agents exhibit stationary solutions where thr most patient household owns the economy's capital stock;. An example shows that this result does not carry over to stationary stochastic environments. Wa prove, under some conditions, the existence of a stationary rational expectations equilibrium in two related setups. The first is the existence of a stationary Nash equilibrium where each agent's payoff depends on his capital process and the capital professes of the remaining agents, The second existence theorem applies ii, a stationary competitive equilibrium model. Journal of Economic Literature Classification Numbers: E13, E21, D80. (C) 1997 Academic Press.