Stability of Equilibria in the Overlapping Generations Model with Endogenous Labor Supply
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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Elsevier, vol. 80(1), pages 14-59, May.
- GRANDMONT, Jean-Michel & PINTUS, Patrick & de VILDER, Robin, 1997. "Capital-labor substitution and competitive nonlinear endogenous business cycles," CORE Discussion Papers 1997087, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Jean-Michel Grandmont & P, A, Pintus & R, De Vilder, 1997. "Capital-Labor Substitution and Competitive Nonlinear Endogenous Business Cycles," Working Papers 97-28, Centre de Recherche en Economie et Statistique.
- 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.
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