This paper constructs an overlapping generations model of pollution externality wherein individ- uals are altruistically linked to their offspring as in Barro (1974). It is shown that steady-state consumption can be a decreasing function of the intergenerational degree of altruism. Despite...

We study a selection method for a Nash feedback equilibrium of a one-dimensional linear-quadratic nonzero sum game over an infinite horizon : by introducing a change in the time variable, one obtains an associated game over a finite horizon T 0 and with free terminal state. This associated game...

This paper is a study of money in overlapping generations models with cash-in-advance constraints. We first offer a brief review of different features of the cash-in-advance constraint. Then we propose a general formulation and study the neutrality of money. We show that both neutrality and...

To analyze the effects of bubbles on economic growth, we study a three-period life overlapping generations economy with accumulation of physical and human capital, using an extension of Azariadis and Drazen (1990). We characterize the balanced growth paths and the local dynamics both in the...

This paper addresses the issue of optimum population with two concerns : avoiding both the absolute repugnant solution that amounts to givingg to an infinite number an infinitesimal amount and the marginal repugnant solution in which equilibrium consumption decreases with income. To avoid these...

This paper examines the long-run behavior of an overlapping-generations model with a population consisting of altruistic and non-altruistic agents. It also studies the effect of fiscal policy on aggregate capital accumulation and on the welfare of both types of agents. It shows that an increase...

It is generally accepted that moving from an unfunded to a funded social security sys- tem implies a welfare loss for the transition generation, that is the generation that has to pay twice: first, saving for its own retirement and second, contributing to the pensions of the then retired...

This paper presents an overlapping generations model of growth with individuals differing in productivity and altruism. Within such a model wealth is entirely held in the steady-state by the families with the highest degree of altruism. We then look at the macroeconomic and distributive effects...

This paper extends the notion of Cournot-Walras equilibrium introduced by Codognato and Gabszewicz (1991) in a particular context (homogeneous oligopoly) to a general class of pure exchange economies. Some examples are considered, corresponding to oligopolistic structures analyzed in partial...