We consider a two-period overlapping generations economy in which individuals work in both periods and acquire skills when young through both learning-by-doing and formal education. We characterise the unique saddle-path stable steady state of this economy and show that individuals spend too...

This paper qualifies Weil [1989]'s according to which dynamic efficiency may fail when agents are infinitely-lived, but "disconnected" from previous ones. It is shown that finite horizons matter in the following sense: if dynamic inefficiency results when the agents have infinite horizons, then...

This note constructs a neoclassical growth model of endogenous intergenerational altruism along the lines of Mulligan (1997). It is shown that individuals accumulate altruism in the long run whenever the rate at which concern is accumulated is sufficiently high, and that the endogenous formation...

We study cycles and chaos in economic models. Autonomous dynamical systems are considered through infinite time horizon optimization models. We first show how endogenous fluctuations arise in a multisector growth model. Secondly, we consider an extension of this model by allowing direct...

Dans le cadre d'un modele de croissance a generations imbriquees avec agents heterogenes, on analyse dans cet article les consequences en termes de croissance et de chomage de politiques publiques de subvention a l'education.

We consider an overlapping generations model of small open economy with Harrod neutral technical progress. If the interest rate is less that the growth rate, intergenerational public transfers increase welfare of some generations and reduce welfare of others.

Nous montrons dans cet article que les contraintes de salaire minimum legal peuvent exercer des influences favorables sans qu'il soit necessaire de faire reference a des externalites. Plus precisement, si l'economie concurrentielle admet plusieurs equilibres stationnaires, il existe toujours un...