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Stability of equilibria in the overlapping generations model with endogenous labor supply

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  • Nourry, Carine

Abstract

This paper looks at the issue of existence and stability of steady state equilibria in an overlapping generations model with productive capital (a-la Diamond) augmented to include endogenous labour supply. The paper derives necessary and sufficient conditions under which a steady state equilbrium is stable. Furthermore, a key result of this paper appears to be this: if labor supply is increasing in the capital-labor ratio at some steady state equilibrium, then, the usual conditions required for stability of the nontrivial steady state in the standard Diamond model are enough to guarantee stability of that steady state in the Diamond model augmented by endogenous labour supply.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

Volume (Year): 25 (2001)
Issue (Month): 10 (October)
Pages: 1647-1663

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Handle: RePEc:eee:dyncon:v:25:y:2001:i:10:p:1647-1663

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  1. Mirrlees, J. A., 1976. "Optimal tax theory : A synthesis," Journal of Public Economics, Elsevier, vol. 6(4), pages 327-358, November.
  2. Kehoe, Timothy J & Levine, David K, 1985. "Comparative Statics and Perfect Foresight in Infinite Horizon Economies," Econometrica, Econometric Society, vol. 53(2), pages 433-53, March.
  3. Muller, Walter III & Woodford, Michael, 1988. "Determinacy of equilibrium in stationary economies with both finite and infinite lived consumers," Journal of Economic Theory, Elsevier, vol. 46(2), pages 255-290, December.
  4. GRANDMONT, Jean-Michel & PINTUS, Patrick & de VILDER, Robin, 1997. "Capital-labor substitution and competitive nonlinear endogenous business cycles," CORE Discussion Papers 1997087, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. repec:fth:inseep:9728 is not listed on IDEAS
  6. de Vilder, Robin, 1996. "Complicated Endogenous Business Cycles under Gross Substitutability," Journal of Economic Theory, Elsevier, vol. 71(2), pages 416-442, November.
  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, vol. 49(2), pages 360-375, December.
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