A Two-sector Overlapping Generations Model with Endogenous Discounting

Carine Nourry, Alena Sergeeva and Alain Venditti

Asia-Pacific Journal of Accounting & Economics, 2011, vol. 18, issue 3, 359-385

Abstract: In this paper, we consider a two-sector two-periods overlapping generations model with inelastic labor, consumption in both periods of life, endogenous discounting and homothetic preferences. We prove that under the assumption of under-accumulation of capital, an economy with endogenous discounting depending on income is much more likely to experience macroeconomic fluctuations compared to an economy with constant discounting.

Date: 2011
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DOI: 10.1080/16081625.2011.9720888

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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