Endogenous Retirement and Monetary Cycles

Hippolyte d'Albis 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.

Keywords: OVERLAPPING GENERATIONS MODELS; RETIREMENT; ENDOGENOUS FLUCTUATIONS (search for similar items in EconPapers)
Date: 2008
Note: View the original document on HAL open archive server: https://hal.science/hal-00424801v1
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Citations: View citations in EconPapers (22)

Published in Mathematical Population Studies, 2008, 15 (4), pp.214-229. ⟨10.1080/08898480802440786⟩

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Working Paper: Endogenous Retirement and Monetary Cycles (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00424801

DOI: 10.1080/08898480802440786

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