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A Note On Indeterminacy In Overlapping Generations Economies With Environment And Endogenous Labor Supply

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  • SEEGMULLER, THOMAS
  • VERCH RE, ALBAN

Abstract

We consider an overlapping generations model with environment and an elastic labor supply. In this framework, consumers have to choose between consumption, environmental quality, and leisure. We show the existence of both deterministic cycles and indeterminacy. In contrast to previous results, the emergence of endogenous fluctuations does not require a high emission rate of pollution.

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Bibliographic Info

Article provided by Cambridge University Press in its journal Macroeconomic Dynamics.

Volume (Year): 11 (2007)
Issue (Month): 03 (June)
Pages: 423-429

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Handle: RePEc:cup:macdyn:v:11:y:2007:i:03:p:423-429_06

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References

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  1. Thomas SEEGMULLER & Alban VERCHÈRE, 2005. "Environment in an Overlapping Generations Economy with Endogenous Labor Supply : a Dynamic Analysis," Working Papers of BETA 2005-05, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
  2. Reichlin, Pietro, 1986. "Equilibrium cycles in an overlapping generations economy with production," Journal of Economic Theory, Elsevier, vol. 40(1), pages 89-102, October.
  3. Junxi Zhang, 1999. "Environmental sustainability, nonlinear dynamics and chaos," Economic Theory, Springer, vol. 14(2), pages 489-500.
  4. Jean-Michel Grandmont & P, A, Pintus & R, De Vilder, 1997. "Capital-Labor Substitution and Competitive Nonlinear Endogenous Business Cycles," Working Papers 97-28, Centre de Recherche en Economie et Statistique.
  5. Benhabib Jess & Farmer Roger E. A., 1994. "Indeterminacy and Increasing Returns," Journal of Economic Theory, Elsevier, vol. 63(1), pages 19-41, June.
  6. Grandmont, Jean-Michel, 1985. "On Endogenous Competitive Business Cycles," Econometrica, Econometric Society, vol. 53(5), pages 995-1045, September.
  7. Benhabib, Jess & Farmer, Roger E.A., 1999. "Indeterminacy and sunspots in macroeconomics," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 6, pages 387-448 Elsevier.
  8. Cazzavillan, Guido & Lloyd-Braga, Teresa & Pintus, Patrick A., 1998. "Multiple Steady States and Endogenous Fluctuations with Increasing Returns to Scale in Production," Journal of Economic Theory, Elsevier, vol. 80(1), pages 60-107, May.
  9. Cazzavillan, Guido, 2001. "Indeterminacy and Endogenous Fluctuations with Arbitrarily Small Externalities," Journal of Economic Theory, Elsevier, vol. 101(1), pages 133-157, November.
  10. Seegmuller, Thomas & Verchere, Alban, 2004. "Pollution as a source of endogenous fluctuations and periodic welfare inequality in OLG economies," Economics Letters, Elsevier, vol. 84(3), pages 363-369, September.
  11. Gary Hansen, 2010. "Indivisible Labor and the Business Cycle," Levine's Working Paper Archive 233, David K. Levine.
  12. John, A & Pecchenino, R, 1994. "An Overlapping Generations Model of Growth and the Environment," Economic Journal, Royal Economic Society, vol. 104(427), pages 1393-1410, November.
  13. John, A. & Pecchenino, R. & Schimmelpfennig, D. & Schreft, S., 1995. "Short-lived agents and the long-lived environment," Journal of Public Economics, Elsevier, vol. 58(1), pages 127-141, September.
  14. Xepapadeas, Anastasios, 2005. "Economic growth and the environment," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 3, chapter 23, pages 1219-1271 Elsevier.
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Citations

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Cited by:
  1. Stefano Bosi & David Desmarchelier & Lionel Ragot, 2013. "Pollution effects on labor supply and growth," CEEES Paper Series CE3S-05/13, European University at St. Petersburg, Department of Economics.
  2. Jean De Beir & Mouez Fodha & Francesco Magris, 2009. "Life Cycle of Products and Cycles," Documents de recherche 09-16, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
  3. Bosi, Stefano & Desmarchelier, David, 2013. "Demography and pollution," Research in Economics, Elsevier, vol. 67(4), pages 316-323.
  4. repec:hal:journl:halshs-00348862 is not listed on IDEAS
  5. repec:hal:wpaper:halshs-00512789 is not listed on IDEAS

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