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Endogenous Retirement and Monetary Cycles

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  • HIPPOLYTE D'ALBIS
  • EMMANUELLE AUGERAUD-VERON

Abstract

In a model of overlapping generations with a continuum of finitely lived individuals, the aggregate price dynamics is characterized by a functional differential equation of mixed type. Delays and advances are exogenous when age at retirement is mandatory; they become state-dependent when individuals are allowed to choose their age at retirement. Using the Hopf bifurcation theorem, periodic solutions in the neighborhood of the monetary steady state appearing with a mandatory retirement age vanish with a chosen age.

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Article provided by Taylor & Francis Journals in its journal Mathematical Population Studies.

Volume (Year): 15 (2008)
Issue (Month): 4 ()
Pages: 214-229

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Handle: RePEc:taf:mpopst:v:15:y:2008:i:4:p:214-229
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Keywords: differential equations with state-dependent delays and advances; endogenous fluctuations; Hopf bifurcation; overlapping generations models; retirement;

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Visite guidée au coeur des travaux du Meilleur jeune économiste 2012 (1/2)
    by Matthieu Solignac in Regards croisés sur l'économie on 2012-05-28 19:26:09
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Cited by:

  1. Hippolyte d'Albis & Emmanuelle Augeraud-Veron, 2004. "Competitive growth in a life-cycle model : existence and dynamics," Cahiers de la Maison des Sciences Economiques v04016, Université Panthéon-Sorbonne (Paris 1).
  2. Sánchez-Romero, Miguel & Sambt, Jože & Prskawetz, Alexia, 2012. "Quantifying the role of alternative pension reforms on the Austrian economy," ECON WPS - Vienna University of Technology Working Papers in Economic Theory and Policy 04/2012, Vienna University of Technology, Institute for Mathematical Methods in Economics, Research Group Economics (ECON).
  3. D'Albis, Hippolyte & Lau, Paul S. & Sanchez-Romero, Miguel, 2012. "Mortality transition and differential incentives for early retirement," Economics Papers from University Paris Dauphine 123456789/6825, Paris Dauphine University.
  4. Hippolyte D'Albis & Paul Lau Sau-Him & Miguel Sanchez-Romero, 2012. "Mortality transition and differential incentives for early retirement," PSE - Labex "OSE-Ouvrir la Science Economique" hal-00659868, HAL.
  5. Hippolyte D'albis & Emmanuelle Augeraud-Véron, 2011. "Continuous-Time Overlapping Generations Models," Working Papers 246051, Institut National de la Recherche Agronomique, France.
  6. Heijdra, Ben J. & Romp, Ward E., 2009. "Retirement, pensions, and ageing," Journal of Public Economics, Elsevier, vol. 93(3-4), pages 586-604, April.
  7. repec:hal:cesptp:hal-00659868 is not listed on IDEAS
  8. d'Albis, Hippolyte & Augeraud-Véron, Emmanuelle & Schubert, Katheline, 2010. "Demographic-economic equilibria when the age at motherhood is endogenous," Journal of Mathematical Economics, Elsevier, vol. 46(6), pages 1211-1221, November.
  9. Hippolyte D'Albis & Emmanuelle Augeraud-Véron, 2011. "Continuous-Time Overlapping Generations Models," Post-Print hal-00424799, HAL.
  10. Hippolyte D'Albis & Emmanuelle Augeraud-Véron, 2009. "Competitive Growth in a Life-cycle Model: Existence and Dynamics," Post-Print hal-00630459, HAL.
  11. Klaus Prettner & David Canning, 2014. "Increasing life expectancy and optimal retirement in general equilibrium," Economic Theory, Springer, vol. 56(1), pages 191-217, May.

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