Overlapping Generations

Author : Truman F. Bewley
Publisher : Harvard University Press
Page : 615 pages
File Size : 48,6 Mb
Release : 2009-07-01
Category : Business & Economics
ISBN : 9780674020924

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General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory by Truman F. Bewley Pdf

This book presents an original exposition of general equilibrium theory for advanced undergraduate and graduate-level students of economics. It contains detailed discussions of economic efficiency, competitive equilibrium, the first and second welfare theorems, the Kuhn-Tucker approach to general equilibrium, the Arrow-Debreu model, and rational expectations equilibrium and the permanent income hypothesis. Truman Bewley also treats optimal growth and overlapping generations models as special cases of the general equilibrium model. He uses the model and the first and second welfare theorems to explain the main ideas of insurance, capital theory, growth theory, and social security. It enables him to present a unified approach to portions of macro- as well as microeconomic theory. The book contains problems sets for most chapters.

Author : Stephen E. Spear,Warren Young
Publisher : Emerald Group Publishing
Page : 261 pages
File Size : 43,9 Mb
Release : 2023-09-04
Category : Business & Economics
ISBN : 9781837530526

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Overlapping Generations by Stephen E. Spear,Warren Young Pdf

The 800 pound gorilla in the room of macroeconomics is the question of why the overlapping generations model didn’t become the central workhorse model for macroeconomics, as opposed to the neoclassical growth model. The authors here explore the co-evolution of the two models.

Author : Günther Lang
Publisher : Springer Science & Business Media
Page : 109 pages
File Size : 49,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642481529

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On Overlapping Generations Models with Productive Capital by Günther Lang Pdf

This book was born out of a five-years research at Sonderforschungsbe reich 303 by the Deutsche Forschungsgemeinschaft (DFG) at Rheinische Friedrich-Wilhelms-Universitiit Bonn and was approved as my doctoral thesis by the Rechts-und Staatswissenschaftliche Fakultiit in December 1994. It was my former colleague Wolfgang Peters who had drawn my atten tion to overlapping-generations models and to problems of intergenerational efficiency and distribution. The subtle connection between the latter two has been fascinating me from the very beginning: redistribution of the results of free trade can become necessary from the point of view of efficiency, although no externalities hamper the development of an economy. In spite of being a matured part of economics, neoclassical growth theory had left many questions unsolved, some of them even unrecognized by a large part of our profession. I took up the challenge to contribute to the investigation of some of these thorny problems. One of these issues is the often quoted idea of the inter generational con tract. Although intergenerational transfers can improve intertemporal effi ciency, the design of pension schemes to achieve an improvement of well-being of some generations without hurting that of any other, is not an easy task in an economy with flexible prices. Quite frequently, only interest rate and growth rate are taken into account when deciding on whether a generation wins or looses.

Author : Mitoshi Yamaguchi,Tomoko Kinugasa
Publisher : World Scientific
Page : 356 pages
File Size : 52,9 Mb
Release : 2014-05-29
Category : Business & Economics
ISBN : 9789814571500

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Economic Analyses Using the Overlapping Generations Model and General Equilibrium Growth Accounting for the Japanese Economy by Mitoshi Yamaguchi,Tomoko Kinugasa Pdf

This unique book contains novel and in-depth research regarding economic development in Japan. The authors examine economic development in Japan from both theoretical and empirical perspectives. Using general equilibrium growth accounting and the overlapping generations model, they analyze the relationships between population, agriculture and the economy. The research results are unprecedented and show the effects of increased adult longevity on national savings and the effects of demographic change on the industrial structure; the push-pull effects of technical change in agricultural and non-agricultural sectors and the positive effects of population on technical change and economic development. Contents:Basic Considerations in the Analysis of Economic DevelopmentGeneral Equilibrium Growth Accounting for the Japanese EconomyA Graphic Model of the Effects of Sectoral Technical ChangeFactor Mobility and Surplus Labor in the Japanese EconomyAgricultural Surplus Labor and Growth Accounting for the Thai and Chinese EconomiesInterrelationship between Population and EconomyA Consideration of the Positive Effects of PopulationThe Effects of Adult Longevity on the National Saving RateTwo Demographic Dividends, Saving, and Economic GrowthThe Effect of Demographic Change on Industrial Structure Readership: Students and researchers who are interested in Japan's economic development. Key Features:First book to conduct a detailed analysis using the general equilibrium growth accounting modelQuantitatively analyzes and graphically shows economic development in Japan during its transition from a developing country to an advanced nationKeywords:Overlapping Generations Model;General Equilibrium Growth Accounting;Population;Agriculture;Economic Development;Technical Change;Savings;Life Expectancy;Demographic Dividends;Depopulation;Population Aging

Author : Karl Farmer,Matthias Schelnast
Publisher : Springer Science & Business Media
Page : 447 pages
File Size : 55,6 Mb
Release : 2013-02-01
Category : Business & Economics
ISBN : 9783642336690

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Growth and International Trade by Karl Farmer,Matthias Schelnast Pdf

This textbook guides the reader towards various aspects of growth and international trade in a Diamond-type overlapping generations framework. Using the same model type throughout the book, timely topics such as growth with bubbles, debt reduction in rich countries and policies to mitigate climate change are explored . The first part starts from the “old” growth theory and bridges to the “new” growth theory (including R&D and human capital approaches). The second part presents an intertemporal equilibrium theory of inter and intra-sectoral trade and concludes by analyzing the debt mechanics inducing the huge imbalances among eurozone countries. The book is primarily addressed to graduate students wishing to proceed to the analytically more demanding journal literature.

Author : George T. McCandless,Neil Wallace
Publisher : Harvard University Press
Page : 392 pages
File Size : 51,5 Mb
Release : 1991
Category : Business & Economics
ISBN : 0674461118

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Introduction to Dynamic Macroeconomic Theory by George T. McCandless,Neil Wallace Pdf

Economies are constantly in flux, and economists have long sought reliable means of analyzing their dynamic properties. This book provides a succinct and accessible exposition of modern dynamic (or intertemporal) macroeconomics. The authors use a microeconomics-based general equilibrium framework, specifically the overlapping generations model, which assumes that in every period there are two generations which overlap. This model allows the authors to fully describe economies over time and to employ traditional welfare analysis to judge the effects of various policies. By choosing to keep the mathematical level simple and to use the same modeling framework throughout, the authors are able to address many subtle economic issues. They analyze savings, social security systems, the determination of interest rates and asset prices for different types of assets, Ricardian equivalence, business cycles, chaos theory, investment, growth, and a variety of monetary phenomena. Introduction to Dynamic Macroeconomic Theory will become a classic of economic exposition and a standard teaching and reference tool for intertemporal macroeconomics and the overlapping generations model. The writing is exceptionally clear. Each result is illustrated with analytical derivations, graphically, and by worked out examples. Exercises, which are strategically placed, are an integral part of the book.

Author : David de la Croix,Philippe Michel
Publisher : Cambridge University Press
Page : 400 pages
File Size : 50,8 Mb
Release : 2002-10-24
Category : Business & Economics
ISBN : 0521001153

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A Theory of Economic Growth by David de la Croix,Philippe Michel Pdf

This book provides an in-depth treatment of the overlapping generations model in economics incorporating production.

Author : Truman Fassett Bewley
Publisher : Unknown
Page : 0 pages
File Size : 51,8 Mb
Release : 2011
Category : Econometric models
ISBN : 0674058291

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A Solutions Manual for General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory by Truman Fassett Bewley Pdf

The Solutions Manual contains answers to problems in General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory. Truman F. Bewley's book--a cornerstone of microeconomics, general equilibrium theory, and mathematical economics courses--covers the main premises behind insurance, capital theory, growth theory, and social security.

Author : Olivier Blanchard,Stanley Fischer
Publisher : MIT Press
Page : 674 pages
File Size : 48,6 Mb
Release : 1989-03-21
Category : Business & Economics
ISBN : 0262022834

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Lectures on Macroeconomics by Olivier Blanchard,Stanley Fischer Pdf

The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices. Lectures on Macroeconomics provides the first comprehensive description and evaluation of macroeconomic theory in many years. While the authors' perspective is broad, they clearly state their assessment of what is important and what is not as they present the essence of macroeconomic theory today.The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices. The most important fact of modern economic history is persistent long term growth, but as the book makes clear, this growth is far from steady. The authors analyze and explore these fluctuations. Topics include consumption and investment; the Overlapping Generations Model; money; multiple equilibria, bubbles, and stability; the role of nominal rigidities; competitive equilibrium business cycles, nominal rigidities and economic fluctuations, goods, labor and credit markets; and monetary and fiscal policy issues. Each of chapters 2 through 9 discusses models appropriate to the topic. Chapter 10 then draws on the previous chapters, asks which models are the workhorses of macroeconomics, and sets the models out in convenient form. A concluding chapter analyzes the goals of economic policy, monetary policy, fiscal policy, and dynamic inconsistency. Written as a text for graduate students with some background in macroeconomics, statistics, and econometrics, Lectures on Macroeconomics also presents topics in a self contained way that makes it a suitable reference for professional economists.

Author : Robert J. Barro,Xavier I. Sala-I-Martin
Publisher : MIT Press
Page : 676 pages
File Size : 52,8 Mb
Release : 2003-10-10
Category : Business & Economics
ISBN : 0262025531

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Economic Growth, second edition by Robert J. Barro,Xavier I. Sala-I-Martin Pdf

The long-awaited second edition of an important textbook on economic growth—a major revision incorporating the most recent work on the subject. This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence. The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory. The book has been expanded in many areas and incorporates the latest research. After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s and Cass-Koopmans in the 1960s to more recent refinements; this is followed by a discussion of extensions to the model, with expanded treatment in this edition of heterogenity of households. The book then turns to endogenous growth theory, discussing, among other topics, models of endogenous technological progress (with an expanded discussion in this edition of the role of outside competition in the growth process), technological diffusion, and an endogenous determination of labor supply and population. The authors then explain the essentials of growth accounting and apply this framework to endogenous growth models. The final chapters cover empirical analysis of regions and empirical evidence on economic growth for a broad panel of countries from 1960 to 2000. The updated treatment of cross-country growth regressions for this edition uses the new Summers-Heston data set on world income distribution compiled through 2000.

Author : Jens Oliver Lorz
Publisher : Unknown
Page : 36 pages
File Size : 40,8 Mb
Release : 1999
Category : Social security
ISBN : UCSD:31822028142628

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Social Security and Redistribution Within Generations in an Overlapping Generations Model by Jens Oliver Lorz Pdf

Author : Jan Tuinstra
Publisher : Springer Science & Business Media
Page : 232 pages
File Size : 55,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461516613

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Price Dynamics in Equilibrium Models by Jan Tuinstra Pdf

A long-standing unsolved problem in economic theory is how economic equilibria are attained. Price Dynamics in Equilibrium Models: The Search for Equilibrium and the Emergence of Endogenous Fluctuations considers a number of adjustment processes in different economic models and investigates their dynamical behaviour. Two important themes arising in this context are `bounded rationality' and `nonlinear dynamics'. Important sub-themes of the book are the following: how do boundedly rational agents interact with their environment and does this interaction in some sense lead to rational outcomes (which may or may not correspond to equilibria)? The second sub-theme deals with the consequences of the nonlinear dynamical nature of many adjustment processes. The results presented in this volume indicate that endogenous fluctuations are the rule rather than the exception in the search for equilibrium. The book uses the theory of nonlinear dynamics to analyze the dynamics of the different economic models. Due to the complexity of most of the models, an important role is played by computational methods. In particular, at regular instances the models are analyzed by numerical simulations and some computer-assisted proofs are provided. It also covers a wide range of dynamical models from economic theory. Most of these models merge the theory of nonlinear economic dynamics with the theory of bounded rationality. The book is written for anyone with an interest in economic theory in general and bounded rationality and endogenous fluctuations in particular. It is entirely self-contained and accessible to readers with only a limited knowledge of economic theory.

Author : David Cass,Richard C. Green,Stephen E. Spear
Publisher : Unknown
Page : 48 pages
File Size : 41,6 Mb
Release : 1991
Category : Electronic
ISBN : UCSD:31822007696917

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Equilibria with Incomplete Markets and Overlapping Generations by David Cass,Richard C. Green,Stephen E. Spear Pdf

Author : Burkhard Heer,Alfred Maussner
Publisher : Springer Science & Business Media
Page : 719 pages
File Size : 52,6 Mb
Release : 2011-10-20
Category : Business & Economics
ISBN : 9783540856849

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Dynamic General Equilibrium Modeling by Burkhard Heer,Alfred Maussner Pdf

Modern business cycle theory and growth theory uses stochastic dynamic general equilibrium models. In order to solve these models, economists need to use many mathematical tools. This book presents various methods in order to compute the dynamics of general equilibrium models. In part I, the representative-agent stochastic growth model is solved with the help of value function iteration, linear and linear quadratic approximation methods, parameterised expectations and projection methods. In order to apply these methods, fundamentals from numerical analysis are reviewed in detail. In particular, the book discusses issues that are often neglected in existing work on computational methods, e.g. how to find a good initial value. In part II, the authors discuss methods in order to solve heterogeneous-agent economies. In such economies, the distribution of the individual state variables is endogenous. This part of the book also serves as an introduction to the modern theory of distribution economics. Applications include the dynamics of the income distribution over the business cycle or the overlapping-generations model. In an accompanying home page to this book, computer codes to all applications can be downloaded.

Author : Edward C. Prescott,José-Víctor Ríos-Rull
Publisher : Unknown
Page : 32 pages
File Size : 44,5 Mb
Release : 2000
Category : Conflict of generations
ISBN : UCBK:C075338095

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On the Equilibrium Concept for Overlapping Generations Organizations by Edward C. Prescott,José-Víctor Ríos-Rull Pdf