Endogenous Retirement and Monetary Cycles
Hippolyte d'Albis () and
Emmanuelle Augeraud-Véron ()
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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.
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Published in Mathematical Population Studies, Taylor & Francis (Routledge), 2008, 15 (4), pp.214-229. 〈10.1080/08898480802440786〉
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