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Stability of equilibria in the overlapping generations model with endogenous labor supply

Author

Listed:
  • Carine Nourry

    (EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne)

Abstract

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 labor supply. The paper derives some necessary and sufficient conditions under which a steady-state equilibrium is a sink, a saddle point or a source. Under a simple condition on the labor supply elasticity, it is also shown that the local stability condition of the standard Diamond model can be generalized in order to become a necessary and sufficient condition for the saddle point property of the steady-state equilibrium. © 2001 Elsevier Science B.V.

Suggested Citation

  • Carine Nourry, 2001. "Stability of equilibria in the overlapping generations model with endogenous labor supply," Post-Print hal-02878016, HAL.
    • Handle: RePEc:hal:journl:hal-02878016
    DOI: 10.1016/S0165-1889(99)00067-6
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    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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