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Endogenous Retirement and Monetary Cycles

d'Albis, Hippolyte () and Emmanuelle Augeraud-Véron ()

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Abstract: 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.

Date: 2008
Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00424801/en/
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Published, Mathematical Population Studies, 2008, 15, 4, 214–229

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