Labor productivity and dynamic efficiency
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.
Volume (Year): 4 (2001)
Issue (Month): 13 ()
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- 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.
- 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, vol. 59(2), pages 389-405, April.
- Bruno Decreuse, 2001. "Dying of selfishness," Economic Theory, Springer, vol. 17(2), pages 481-488.
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