Endogenous Retirement and Monetary Cycles

被引：7
|
作者：
d'Albis, Hippolyte [1 ,2 ]
Augeraud-Veron, Emmanuelle [1 ,3 ]
机构：
[1] Univ Toulouse 1, LERNA, F-31000 Toulouse, France
[2] Univ Toulouse, Toulouse Sch Econ LERNA, Toulouse, France
[3] Univ La Rochelle, LMA, La Rochelle, France
来源：
MATHEMATICAL POPULATION STUDIES | 2008年 / 15卷 / 04期
关键词：
differential equations with state-dependent delays and advances; endogenous fluctuations; Hopf bifurcation; overlapping generations models; retirement;
D O I：
10.1080/08898480802440786
中图分类号：
C921 [人口统计学];
学科分类号：
摘要：
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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页码：214 / 229
页数：16
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