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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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Date of creation: 2008
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Handle: RePEc:hal:journl:hal-00424801
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