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Intertemporal Preferences, Distributive Shares, and Local Dynamics

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  • Marco Guerrazzi

Abstract

This paper provides a simplified version of the perfectly flexible wages OLG model proposed by Hahn and Solow (1995). Using a Cobb-Douglas specification for the utility and the production functions, we demonstrate that the local stability of the steady-state equilibrium depends only on intertemporal preferences and distributive shares. Furthermore, we show that local stability might be related to consumption smoothing considerations.

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Bibliographic Info

Paper provided by Dipartimento di Scienze Economiche (DSE), University of Pisa, Pisa, Italy in its series Discussion Papers with number 2004/49.

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Date of creation: 01 Jan 2004
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Handle: RePEc:pie:dsedps:2004/49

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Related research

Keywords: Overlapping Generations; Market Clearing; Local Stability;

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Cited by:
  1. Luciano Fanti & Luca Gori, 2009. "Child policy solutions for the unemployment problem," Discussion Papers 2009/76, Dipartimento di Scienze Economiche (DSE), University of Pisa, Pisa, Italy.
  2. Luciano Fanti & Luca Gori, 2009. "Longevity, fertility and PAYG pension systems sustainability," Discussion Papers 2009/77, Dipartimento di Scienze Economiche (DSE), University of Pisa, Pisa, Italy.
  3. Lorenzo Corsini & Pier Mario Pacini & Luca Spataro, 2010. "Workers' Choice on Pension Schemes: an Assessment of the Italian TFR Reform Through Theory and Simulations," Discussion Papers 2010/96, Dipartimento di Scienze Economiche (DSE), University of Pisa, Pisa, Italy.
  4. Lorenzo Corsini & Elisabetta Olivieri, 2008. "Technological Change and the Wage Differential between Skilled and Unskilled Workers: Evidence from Italy," Discussion Papers 2008/73, Dipartimento di Scienze Economiche (DSE), University of Pisa, Pisa, Italy.
  5. Luca Gori, 2009. "Endogenous fertility, family policy and multiple equilibria," Discussion Papers 2009/79, Dipartimento di Scienze Economiche (DSE), University of Pisa, Pisa, Italy.
  6. Luciano Fanti & Luca Gori, 2009. "On economic growth and minimum wages," Discussion Papers 2009/78, Dipartimento di Scienze Economiche (DSE), University of Pisa, Pisa, Italy.

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