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Stability of Equilibria in the Overlapping Generations Model with Endogenous Labor Supply

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Author Info
Nourry, C.

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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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Publisher Info
Paper provided by Universite Aix-Marseille III in its series G.R.E.Q.A.M. with number 98a01.

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Length: 24 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fth:aixmeq:98a01

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Postal: G.R.E.Q.A.M., (GROUPE DE RECHERCHE EN ECONOMIE QUANTITATIVE D'AIX MARSEILLE), CENTRE DE VIEILLE CHARITE, 2 RUE DE LA CHARITE, 13002 MARSEILLE.
Phone: 04.91.14.07.70
Fax: 04.91.90.02.27
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Web page: http://www.vcharite.univ-mrs.fr/GREQAM/
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Related research
Keywords: LABOUR SUPPLY ; ECONOMIC EQUILIBRIUM ; GENERATIONS;

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Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

Cited by:
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  1. Lloyd-Braga, Teresa & Nourry, Carine & Venditti, Alain, 2005. "Indeterminacy in Dynamic Models: When Diamond Meets Ramsey," CEPR Discussion Papers 5255, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Vincent Touzé, 2005. "Fiscal incidence of unfunded pension system: an analytical investigation," Documents de Travail de l'OFCE 2005-03, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
  3. Guido Cazzavillan & Patrick A. Pintus, 2004. "Robustness of Multiple Equilibria in OLG Economies," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 7(2), pages 456-475, April. [Downloadable!] (restricted)
  4. Luca Deidda & Fabio Cerina, 2002. "Do we need more time for leisure?," Working Paper CRENoS 200203, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia. [Downloadable!]
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