Ascari, Guido (contributor); Rankin, Neil (contributor) - 2004 - This version: December 2003
In the "perpetual youth" overlapping-generations model of Blanchard and Yaari, if leisure is a "normal" good then some agents will have negative labour supply. We suggest a solution to this problem by using a modified version of Greenwood, Hercowitz and Huffman's utility function. The...
