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Endogenous Retirement and Monetary Cycles

  • Hippolyte D'Albis


    (LERNA - Economie des Ressources Naturelles - Institut national de la recherche agronomique (INRA) - CEA - UT1 - Université Toulouse 1 Capitole)

  • Emmanuelle Augeraud-Véron


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

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
Date of revision:
Publication status: Published in Mathematical Population Studies, Taylor & Francis (Routledge), 2008, 15 (4), pp.214-229. <10.1080/08898480802440786>
Handle: RePEc:hal:journl:hal-00424801
DOI: 10.1080/08898480802440786
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