DEMOGRAPHY AND GROWTH: A UNIFIED TREATMENT OF OVERLAPPING GENERATIONS

Neil Bruce and Stephen J Turnovsky

Macroeconomic Dynamics, 2013, vol. 17, issue 8, 1605-1637

Abstract: We construct a unified overlapping-generations framework of equilibrium growth that includes the Blanchard “perpetual youth” model, the Samuelson model, and the infinitely lived–agent model as limit specifications for a “realistic” two-parameter survivorship function. We assess how the limit specifications compare with the general survival function, and analyze how exogenous changes in demographic conditions affect equilibrium growth and savings rates. Predicted effects are consistent with some cross-country correlations between demographic conditions and growth rates.

Date: 2013
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