249 research outputs found
Demographic structure and capital accumulation
This paper develops an overlapping-generations (OLG) model to analyze the consequences of demographic structure changes induced by an exogenous shift in the birth rate.We first show that a finite growth rate of the population that maximizes long-run capital per capita exists. Then, we examine the theoretical properties of this growth rate by showing that: (i) it corresponds to the demographic structure such that the average ages of capital holders and workers are equal; (ii) it is associated to an efficient steady state; (iii) it increases with compulsory transfers from younger to older generations. Finally, we explain why standard OLG models do not exhibit such a growth rate.Continuous-time overlapping-generations models; Population aging
Parental altruism, life expectancy and dynamically inefficient equilibria
Macrodynamic models with finite lifetime and selfish individuals may feature (dynamically) inefficient equilibria, while models with infinite lifetime and altruistic individuals cannot. Do strong intergenerational altruism and high life expectancy prevent the occurence of inefficient equilibria? To answer this question, we present a continuous time OLG model which generalizes the Blanchard-Buiter-Weil model. Our main innovation relies on the introduction of parental altruism, whose intensity is variable. We show that parental altruism and life expectancy actually favor overaccumulation. Theoretical results are illustrated by a parametrization from US data. Our numerical exercises suggest that the US economy is dynamically inefficient, mainly because life expectancy is sufficiently short.Overlapping generations model; Productive capital; Dynamic (in)efficiency; Intergenerational altruism
Demographic structure and capital accumulation
International audienceThis paper develops an overlapping-generations (OLG) model to analyze the consequences of demographic structure changes induced by an exogenous shift in the birth rate.We first show that a finite growth rate of the population that maximizes long-run capital per capita exists. Then, we examine the theoretical properties of this growth rate by showing that: (i) it corresponds to the demographic structure such that the average ages of capital holders and workers are equal; (ii) it is associated to an efficient steady state; (iii) it increases with compulsory transfers from younger to older generations. Finally, we explain why standard OLG models do not exhibit such a growth rate
La croissance démographique dans les modÚles à générations imbriquées
Dans cet article, nous proposons un modĂšle Ă gĂ©nĂ©rations imbriquĂ©es en temps continu pour Ă©tudier la relation entre le taux de croissance de la population et le taux d'intĂ©rĂȘt. Nous montrons qu'il existe un taux de croissance fini de la population qui minimise le taux d'intĂ©rĂȘt. Ceci implique que la relation entre ces deux variables n'est pas monotone. Nous proposons une caractĂ©risation thĂ©orique du taux de croissance minimisant le taux d'intĂ©rĂȘt et expliquons pourquoi les modĂšles Ă gĂ©nĂ©rations imbriquĂ©es standards de Diamond [1965] et Blanchard [1985] conduisent Ă une relation systĂ©matiquement croissante entre le taux de croissance de la population et le taux d'intĂ©rĂȘt.
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