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The Dynamics of Utility in the Neoclassical OLG Model

  • Wolfgang Kuhle

    ()

    (Max Planck Institute for Research on Collective Goods, Bonn)

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    This paper develops a method to study how life-cycle utility of a sequence of cohorts converges towards its steady state level in the neoclassical two-generations-overlapping model. This method allows to characterize utility changes associated with variations in exogenous policy parameters along the entire transition path between two steady states. At the same time it is not more complicated than a pure steady state analysis. Moreover, it can be applied to economies for which an explicit solution of the transition path is not available.

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    File URL: http://www.coll.mpg.de/pdf_dat/2012_22online.pdf
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    Paper provided by Max Planck Institute for Research on Collective Goods in its series Working Paper Series of the Max Planck Institute for Research on Collective Goods with number 2012_22.

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    Date of creation: Nov 2012
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    Handle: RePEc:mpg:wpaper:2012_22
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    1. Casarico, Alessandra & Carlo Devillanova, 2003. "Capital-skill Complementarity and the Redistributive Effects of Social Security Reform," Royal Economic Society Annual Conference 2003 38, Royal Economic Society.
    2. Michel P. & de la Croix, D., 1999. "Myopic and Perfect Foresight in the OLG Model," G.R.E.Q.A.M. 99a35, Universite Aix-Marseille III.
    3. Galor, O. & Polemarchakis, H.M., 1984. "Intertemporal equilibrium and the transfor paradox," CORE Discussion Papers 1984014, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    4. Matsuyama, Kiminori, 1991. "Immiserizing Growth in Diamond's Overlapping Generations Model: A Geometrical Exposition," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(1), pages 251-62, February.
    5. repec:cup:cbooks:9780521001151 is not listed on IDEAS
    6. Galor, Oded, 1988. "The Long-run Implications of a Hicks-Neutral Technical Progress," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(1), pages 177-83, February.
    7. Polemarchakis, H M, 1983. "On the Transer Paradox," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(3), pages 749-60, October.
    8. Samuelson, Paul A, 1975. "The Optimum Growth Rate for Population," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(3), pages 531-38, October.
    9. Peter A. Diamond, 1967. "Incidence of an Interest Income Tax," Working papers 5, Massachusetts Institute of Technology (MIT), Department of Economics.
    10. Galor, Oded & Ryder, Harl E., 1989. "Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital," Journal of Economic Theory, Elsevier, vol. 49(2), pages 360-375, December.
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