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Endogenous Retirement and Monetary Cycles

  • D'ALBIS Hippolyte

    (LERNA, TSE)

  • AUGERAUD-VERON Emmanuelle

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 LERNA, University of Toulouse in its series LERNA Working Papers with number 07.14.235.

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Date of creation: Jul 2007
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Handle: RePEc:ler:wpaper:07.14.235
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