Endogenous Retirement and Monetary Cycles
Hippolyte d'Albis () and
Emmanuelle Augeraud-Véron ()
Mathematical Population Studies, 2008, vol. 15, issue 4, 214-229
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: differential equations with state-dependent delays and advances; endogenous fluctuations; Hopf bifurcation; overlapping generations models; retirement (search for similar items in EconPapers)
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Working Paper: Endogenous Retirement and Monetary Cycles (2008)
Working Paper: Endogenous Retirement and Monetary Cycles (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:taf:mpopst:v:15:y:2008:i:4:p:214-229
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