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On the existence of stable population in life cycle models

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  • Gomes, Diego B.P.

Abstract

A common assumption adopted in life cycle general equilibrium models is that the population is stable at steady state, that is, its relative age distribution becomes constant over time. An open question is whether the demographic assumptions commonly adopted in these models in fact imply that the population becomes stable. In this article we prove the existence of a stable population in a demographic environment where both the age-specific mortality rates and the population growth rate are constant over time, the setup commonly adopted in life cycle general equilibrium models. Hence, the stability of the population do not need to be taken as assumption in these models.

Suggested Citation

  • Gomes, Diego B.P., 2016. "On the existence of stable population in life cycle models," Economics Letters, Elsevier, vol. 138(C), pages 104-107.
  • Handle: RePEc:eee:ecolet:v:138:y:2016:i:c:p:104-107
    DOI: 10.1016/j.econlet.2015.11.040
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    References listed on IDEAS

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    1. Huggett, Mark, 1996. "Wealth distribution in life-cycle economies," Journal of Monetary Economics, Elsevier, vol. 38(3), pages 469-494, December.
    2. David McFarland, 1969. "On the theory of stable populations: A new and elementary proof of the theorems under weaker assumptions," Demography, Springer;Population Association of America (PAA), vol. 6(3), pages 301-322, August.
    3. W. Arthur, 1982. "The Ergodic Theorems of Demography: a Simple Proof," Demography, Springer;Population Association of America (PAA), vol. 19(4), pages 439-445, November.
    4. Imrohoroglu, Ayse & Imrohoroglu, Selahattin & Joines, Douglas H, 1995. "A Life Cycle Analysis of Social Security," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 6(1), pages 83-114, June.
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    More about this item

    Keywords

    Demography; Stable population; Life cycle; General equilibrium;

    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General

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