IDEAS home Printed from
MyIDEAS: Login to save this paper or follow this series

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.

(This abstract was borrowed from another version of this item.)

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: no

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

in new window

Date of creation: Jul 2007
Date of revision:
Handle: RePEc:ler:wpaper:07.14.235
Contact details of provider: Postal: manufacture des Tabacs, 21 allée de brienne, 31200 Toulouse
Phone: (+33) 5 61 12 86 23
Web page:

More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Balasko, Yves & Cass, David & Shell, Karl, 1980. "Existence of competitive equilibrium in a general overlapping-generations model," Journal of Economic Theory, Elsevier, vol. 23(3), pages 307-322, December.
  2. BOUCEKKINE, Raouf & DE LA CROIX, David & LICANDRO, Omar, . "Modelling vintage structures with DDEs: principles and applications," CORE Discussion Papers RP 1758, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Hippolyte d’Albis & Emmanuelle Augeraud-Véron, 2007. "Balanced cycles in an OLG model with a continuum of finitely-lived individuals," Economic Theory, Springer, vol. 30(1), pages 181-186, January.
  4. Boucekkine, Raouf & de la Croix, David & Licandro, Omar, 2002. "Vintage Human Capital, Demographic Trends, and Endogenous Growth," Journal of Economic Theory, Elsevier, vol. 104(2), pages 340-375, June.
  5. Grandmont, Jean-Michel, 1985. "On Endogenous Competitive Business Cycles," Econometrica, Econometric Society, vol. 53(5), pages 995-1045, September.
  6. David Cass & Menahem E. Yaari, 1965. "Individual Saving, Aggregate Capital Accumulation, and Efficient Growth," Cowles Foundation Discussion Papers 198, Cowles Foundation for Research in Economics, Yale University.
  7. Bhattacharya, Joydeep & Russell, Steven, 2002. "Two-Period Cycles in a Three-Period Overlapping Generations Model," Staff General Research Papers 10250, Iowa State University, Department of Economics.
  8. Jullien, Bruno, 1988. "Competitive business cycles in an overlapping generations economy with productive investment," Journal of Economic Theory, Elsevier, vol. 46(1), pages 45-65, October.
  9. Gale, David, 1973. "Pure exchange equilibrium of dynamic economic models," Journal of Economic Theory, Elsevier, vol. 6(1), pages 12-36, February.
  10. repec:tpr:qjecon:v:104:y:1989:i:1:p:163-85 is not listed on IDEAS
  11. Christian Ghiglino & Mich Tvede, 1993. "Endowments, Stability and Fluctuations in OG Models," Research Papers by the Institute of Economics and Econometrics, Geneva School of Economics and Management, University of Geneva 93.04, Institut d'Economie et Econométrie, Université de Genève.
  12. Timothy J. Kehoe & David K. Levine, 1984. "Regularity in Overlapping Generations Exchange Economies," Levine's Working Paper Archive 2184, David K. Levine.
  13. Reichlin, P., 1990. "Endogenous Cycles with Long Lived Agents," CORE Discussion Papers 1990048, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  14. S. Rao Aiyagari, 1988. "Can there be short-period deterministic cycles when people are long lived?," Staff Report 114, Federal Reserve Bank of Minneapolis.
  15. Guido Cazzavillan & Patrick A. Pintus, 2004. "Robustness of Multiple Equilibria in OLG Economies," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 7(2), pages 456-475, April.
  16. Sebnem Kalemli-Ozcan & David N. Weil, 2002. "Mortality Change, the Uncertainty Effect, and Retirement," NBER Working Papers 8742, National Bureau of Economic Research, Inc.
  17. Hippolyte D'Albis & Emmanuelle Augeraud-Véron, 2009. "Competitive Growth in a Life-cycle Model: Existence and Dynamics," Post-Print hal-00630459, HAL.
  18. Simonovits, Andras, 1999. "Are there cycles in realistic overlapping cohorts models?," Structural Change and Economic Dynamics, Elsevier, vol. 10(2), pages 261-275, June.
  19. repec:fda:fdaddt:2004-07 is not listed on IDEAS
  20. Benhabib, Jess & Laroque, Guy, 1988. "On competitive cycles in productive economies," Journal of Economic Theory, Elsevier, vol. 45(1), pages 145-170, June.
  21. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
  22. Kehoe, Timothy J. & Levine, David K. & Mas-Colell, Andreu & Woodford, Michael, 1991. "Gross substitutability in large-square economies," Journal of Economic Theory, Elsevier, vol. 54(1), pages 1-25, June.
  23. Swanson, Charles E., 1998. "A volatility bound for endogenous business cycles: the case of even period lives with additive utility in a monetary economy," Economics Letters, Elsevier, vol. 61(3), pages 339-344, December.
  24. Benhabib, Jess & Day, Richard H., 1982. "A characterization of erratic dynamics in, the overlapping generations model," Journal of Economic Dynamics and Control, Elsevier, vol. 4(1), pages 37-55, November.
  25. Chang, Fwu-Ranq, 1991. "Uncertain Lifetimes, Retirement and Economic Welfare," Economica, London School of Economics and Political Science, vol. 58(230), pages 215-32, May.
  26. de la Croix, David & Licandro, Omar, 1997. "Life expectancy and endogenous growth," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1997029, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  27. Reichlin, Pietro, 1986. "Equilibrium cycles in an overlapping generations economy with production," Journal of Economic Theory, Elsevier, vol. 40(1), pages 89-102, October.
  28. S. Demichelis & H. Polemarchakis, 2007. "The determinacy of equilibrium in economies of overlapping generations," Economic Theory, Springer, vol. 32(3), pages 461-475, September.
  29. Cass, David & Shell, Karl, 1983. "Do Sunspots Matter?," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 193-227, April.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:ler:wpaper:07.14.235. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Maxime MARTY)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.