Overlapping and Non-Overlapping Generations
An Overlapping-Generations Model with Search
... Corollary 5 If u 0 3 (q)q is non decreasing and w(.; ρ) is affine and if θ is sufficiently close to 1, then the golden-rule rate of transfer is non positive. One can revise this variant by assuming that there ...
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House allocation with overlapping generations
... Our main theoretical contributions are to show, when one applies an SD or AS-TTC rule that is statically Pareto-e cient and strategy-proof in each period, how and whether such static properties carry over to dynamic ...
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Efficiency and prices in economies of overlapping generations
... a non-vanishing social security mechanism, consisting in a reduction of consumption in the first period for an increase in the second period, delivers a Pareto ...of overlapping generations, which ...
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Continuous-Time Overlapping Generations Models
... framework. There is one goods market on which is traded non-storable goods whose aggregate endowment is given and whose distribution among cohorts is stationary. On the asset market, consumption loans are ...
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Continuous-Time Overlapping Generations Models
... framework. There is one goods market on which is traded non-storable goods whose aggregate endowment is given and whose distribution among cohorts is stationary. On the asset market, consumption loans are ...
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Continuous-Time Overlapping Generations Models
... framework. There is one goods market on which is traded non-storable goods whose aggregate endowment is given and whose distribution among cohorts is stationary. On the asset market, consumption loans are ...
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Social Security and Welfare in overlapping Generations
... economy is largely an endogenous response to the increase in the interest rate, which steepens the age-consumption profile. 4.1.3 Non-optimizing Agents It might be argued that the individuals we have considered ...
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Reducing Overlapping Generations Economies to Finite Economies
... the non autarkic steady state is smaller than 1 in absolute value) is a sufficient condition for the existence of sunspot equilibria of this class (a continuum of them indeed), although it is by no means ...
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Optimal Fiscal Policy in Overlapping Generations Models
... Aiyagari (1995) and others. The …rst paper that introduces the optimal taxation problem in a two period overlap- ping generation economy is Pestieau (1974). He analyzes the optimal …nancing of a public investment. An ...
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A characterization of inefficiency in stochastic overlapping generations economies
... of non-vanishing (gross) interest rates, an interior allocation x in X, with smoothly supporting price p in P , is robustly inefficient if and only if the Modified Cass Criterion is ...of generations is not ...
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A Characterization of Inefficiency in Stochastic Overlapping Generations Economies
... of non-vanishing (gross) interest rates, an interior allocation x in X, with smoothly supporting price p in P , is robustly inefficient if and only if the Modified Cass Criterion is ...of generations is not ...
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Demography and Growth: A Unified Treatment of Overlapping Generations
... has non-monotonic effects on the economic growth rate, yielding an inverted U-shape relationship between growth and aging that has been found in some cross-country ...
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A note on nonlinear taxation in an overlapping generations model
... It is assumed that the government can observe both z and w, but that it cannot observe l. This accords with the standard assumptions of nonlinear tax theory. It is equivalent to say that the planner can observe y. ...
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Firm valuation in an environmental overlapping generations model
... f (k t ) = [(1 + ρ)(1 + s) − (1 − δ)]k t + ω (40) This facilitates the demonstration, since the implicit non-linear system then becomes a linear system. The drawback is that it is not very realistic that labour ...
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Habit formation and sunspots in overlapping generations models
... Figure 1 there are small perturbations of near certain critical values that change the nature of the steady state. Then, bifurcations as de…ned by Guckenheimer and Holmes [15] occur at non-hyperbolic equilibria in ...
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Numerical simulation of the overlapping generations models with indeterminacy
... The convex-valued correspondence obtained in the previous section delivers important message from which we can diagnose the existence of indeterminacy. However, this cor- respondence has limited application for us to ...
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Asset Pricing With Idiosyncratic Risk and Overlapping Generations
... 1 Introduction The essence of Mehra and Prescott’s (1985) equity premium puzzle is that investing in equity looks like too good of a deal; the stock market seems to reward risk-taking far more than than a representative ...
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Dynamic Inefficiency in an Overlapping Generations Economy with Production
... competitive, non-monetary economy studied in this section (see Reichlin [4]), a unique good is produced in the economy by combining labor l t ≥ 0 and the capital stock k t−1 ≥ 0 resulting from the previous ...
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Conspicuous Consumption and Overlapping Generations
... an overlapping generations model in which individual utility depends on a weighted av- erage of consumption of ones peers — a “keeping up with the Joneses” consumption ...
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Conspicuous Consumption and Overlapping Generations?
... an overlapping generations model in which individual utility depends on a weighted av- erage of consumption of ones peers — a “keeping up with the Joneses” consumption ...
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