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An Overlapping-Generations Model with Search

Tao Zhu ()

Working Papers from Cornell University, Center for Analytic Economics

Abstract: Search is embedded in an overlapping-generations model. The young participate in a centralized market, and then are matched in pairs in a decentralized market. The old only participate in the centralized market. If the buyer's bargaining power is sufficiently close to unity in pairwise trade and if the old are risk averse, the golden-rule rate of money transfer is positive. Such risk aversion, the pairwise trade, and dependence of the young's saving on the rate of return are necessary for this result.

JEL-codes: E30 E31 E40 E41 (search for similar items in EconPapers)
Date: 2007-05
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