Stability of equilibria in the overlapping generations model with endogenous labor supply

Carine Nourry

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Abstract: This paper looks at the issue of existence and stability of steady-state equilibria in an overlapping generations model with productive capital (a-la Diamond) augmented to include endogenous labor supply. The paper derives some necessary and sufficient conditions under which a steady-state equilibrium is a sink, a saddle point or a source. Under a simple condition on the labor supply elasticity, it is also shown that the local stability condition of the standard Diamond model can be generalized in order to become a necessary and sufficient condition for the saddle point property of the steady-state equilibrium. © 2001 Elsevier Science B.V.

Keywords: C62; Endogenous labor supply; Indeterminacy; O41; Overlapping generations; Perfect foresight; Stability (search for similar items in EconPapers)
Date: 2001-10
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Citations: View citations in EconPapers (36)

Published in Journal of Economic Dynamics and Control, 2001, 25 (10), pp.1647--1663. ⟨10.1016/S0165-1889(99)00067-6⟩

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Related works:
Journal Article: Stability of equilibria in the overlapping generations model with endogenous labor supply (2001)
Working Paper: Stability of Equilibria in the Overlapping Generations Model with Endogenous Labor Supply (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02878016

DOI: 10.1016/S0165-1889(99)00067-6

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