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Endogenous Retirement and Monetary Cycles

  • Hippolyte D'Albis

    ()

    (LERNA - Economie des Ressources Naturelles - INRA : UR1081 - CEA : DPG - Université des Sciences Sociales - Toulouse I)

  • Emmanuelle Augeraud-Véron

    ()

    (MIA - Mathématiques, Image et Applications - Université de La Rochelle : EA3165)

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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Paper provided by HAL in its series Post-Print with number hal-00424801.

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Date of creation: 2008
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Publication status: Published, Mathematical Population Studies, 2008, 15, 4, 214–229
Handle: RePEc:hal:journl:hal-00424801
Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00424801/en/
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