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Labor productivity and dynamic efficiency

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  • Emmanuel Thibault

    ()
    (GREMAQ, Université de Toulouse I)

  • Bruno Decreuse

    ()
    (GREQAM, Université de la Méditerranée)

Abstract

This note exhibits sufficient conditions concerning the skills of old workers ruling out overaccumulation stationnary equilibria in an OLG model with productive capital. Using a Cobb-Douglas economy, we show that such conditions seem to be largely fullfilled in the industrialized countries.

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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 4 (2001)
Issue (Month): 13 ()
Pages: 1-6

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Handle: RePEc:ebl:ecbull:eb-01d90002

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Keywords: learning-by-doing;

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References

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  1. Andrew B. Abel & N. Gregory Mankiw & Lawrence H. Summers & Richard J. Zeckhauser, 1986. "Assessing Dynamic Efficiency: Theory and Evidence," NBER Working Papers 2097, National Bureau of Economic Research, Inc.
  2. Weil, Philippe, 1989. "Overlapping families of infinitely-lived agents," Journal of Public Economics, Elsevier, Elsevier, vol. 38(2), pages 183-198, March.
  3. Emmanuel Thibault, 2000. "Existence of equilibrium in an OLG model with production and altruistic preferences," Economic Theory, Springer, Springer, vol. 15(3), pages 709-715.
  4. Olivier J. Blanchard, 1984. "Debt, Deficits and Finite Horizons," NBER Working Papers 1389, National Bureau of Economic Research, Inc.
  5. Galor, Oded & Ryder, Harl E., 1991. "Dynamic efficiency of steady-state equilibria in an overlapping-generations model with productive capital," Economics Letters, Elsevier, Elsevier, vol. 35(4), pages 385-390, April.
  6. Bruno Decreuse, 2001. "Dying of selfishness," Economic Theory, Springer, Springer, vol. 17(2), pages 481-488.
  7. Galor, Oded & Ryder, Harl E., 1989. "Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital," Journal of Economic Theory, Elsevier, Elsevier, vol. 49(2), pages 360-375, December.
  8. Dechert, W Davis & Yamamoto, Kenji, 1992. "Asset Valuation and Production Efficiency in an Overlapping-Generations Model with Production Shocks," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 59(2), pages 389-405, April.
  9. Tirole, Jean, 1985. "Asset Bubbles and Overlapping Generations," Econometrica, Econometric Society, Econometric Society, vol. 53(6), pages 1499-1528, November.
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Cited by:
  1. Emin Gahramanov, 2009. "Tax Evasion and Dynamic Inefficiency," Economics Bulletin, AccessEcon, vol. 29(1), pages 437-443.
  2. Ronald Wendner, 2002. "Capital Accumulation and Habit Formation," Economics Bulletin, AccessEcon, vol. 4(7), pages 1-10.
  3. LAMBRECHT, Stéphane & MICHEL, Philippe & THIBAULT, Emmanuel, . "Capital accumulation and fiscal policy in an OLG model with family altruism," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1913, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. repec:ebl:ecbull:v:4:y:2002:i:7:p:1-10 is not listed on IDEAS

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