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Demographic structure and capital accumulation

  • Hippolyte D'Albis

    ()

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

This paper develops an overlapping-generations (OLG) model to analyze the consequences of demographic structure changes induced by an exogenous shift in the birth rate.We first show that a finite growth rate of the population that maximizes long-run capital per capita exists. Then, we examine the theoretical properties of this growth rate by showing that: (i) it corresponds to the demographic structure such that the average ages of capital holders and workers are equal; (ii) it is associated to an efficient steady state; (iii) it increases with compulsory transfers from younger to older generations. Finally, we explain why standard OLG models do not exhibit such a growth rate.

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Paper provided by HAL in its series Post-Print with number hal-00630200.

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Date of creation: 2007
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Publication status: Published, Journal of Economic Theory, 2007, 132, 1, 411-434
Handle: RePEc:hal:journl:hal-00630200
Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00630200/en/
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  7. Geanakoplos, J. & Polemarchakis, H., 1991. "Overlapping generations," CORE Discussion Papers 1991031, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Willem H. Buiter, 1986. "Death, Population Growth, Productivity Growth and Debt Neutrality," NBER Working Papers 2027, National Bureau of Economic Research, Inc.
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  17. Gale, David, 1973. "Pure exchange equilibrium of dynamic economic models," Journal of Economic Theory, Elsevier, vol. 6(1), pages 12-36, February.
  18. Salvas-Bronsard, Lise, 1983. "Grandmont et la théorie de la valeurGrandmont, Jean-Michel, Money and Value, A Reconsideration of Classical and Neoclassical Monetary Theories. Cambridge University Press, 1983," L'Actualité Economique, Société Canadienne de Science Economique, vol. 59(1), pages 108-120, mars.
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