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Recently, many contributions have focused on the relationship between capital level, growth and population dynamics, introducing fertility choice in macro-dynamic models. In this paper, we go one step further highlighting also the link with pollution. We develop a simple overlapping generations...
Persistent link: https://www.econbiz.de/10010737815
Existing literature continues to be unable to offer a convincing explanation for the volatility of the stochastic discount factor in real world data. Our work provides such an explanation. We do not rely on frictions, market incompleteness or transactions costs of any kind. Instead, we modify a...
Persistent link: https://www.econbiz.de/10011084682
Existing literature continues to be unable to offer a convincing explanation for the volatility of the stochastic discount factor in real world data. Our work provides such an explanation. We do not rely on frictions, market in completeness or transactions costs of any kind. Instead, we modify a...
Persistent link: https://www.econbiz.de/10010950948
We introduce a solution technique for the study of discrete time stochastic models populated by long-lived agents. We introduce aggregate uncertainty and complete markets into a 'perpetual-youth' model of a kind first studied by Olivier Blanchard and we show that the pure-trade version of the...
Persistent link: https://www.econbiz.de/10004992017
We consider a one-sector growth model which combines overlapping generations of finite lived agents and infinite lived consumers. We show that two types of equilibrium may exist. A first type corresponds to the modified golden rule if the stationary consumption of infinite lived agents is...
Persistent link: https://www.econbiz.de/10005066036
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We consider a two-sector overlapping generations model with homothetic preferences. Under standard conditions on technologies, upon large enough values for the share of first period consumption over the wage income, we prove that the dynamic efficiency and local uniqueness of the competitive...
Persistent link: https://www.econbiz.de/10008551444