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Endogenous Retirement and Monetary Cycles

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

Mathematical Population Studies, 2008, vol. 15, issue 4, 214-229

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: differential equations with state-dependent delays and advances; endogenous fluctuations; Hopf bifurcation; overlapping generations models; retirement (search for similar items in EconPapers)
Date: 2008
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Mathematical Population Studies is currently edited by Prof. Noel Bonneuil, Annick Lesne, Tomasz Zadlo, Malay Ghosh and Ezio Venturino

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