Showing 1 - 10 of 183
This paper brings novel insights into group coordination and price dynamics in complex environments. We implement an overlapping-generation model in the lab where output dynamics are given by the well-known chaotic quadratic map. This model structure allows us to study previously unexplored...
Persistent link: https://www.econbiz.de/10014231727
This paper aims at studying the interaction between growth of real output and human capital accumulation when education requires investment of physical resources. To this end we investigate the aggregate implications of individual specific uncertainty about returns to investment in education in...
Persistent link: https://www.econbiz.de/10005731236
This paper presents sufficient conditions for the existence of a unique and globally stable steady state equilibrium for OLG economies with production. The conditions impose separate requirements on the utility and production functions. Moreover, the conditions do not require assumptions...
Persistent link: https://www.econbiz.de/10014066173
The issue addressed in this paper is how robust dynamically efficient steady state equilibria in a 55 period overlapping generations economy are to changes in the parametrization of the model. Numerical simulations are used to detect parameter constellations which lead to non Pareto optimal...
Persistent link: https://www.econbiz.de/10014213774
This paper analyses the effects of disease and war on the accumulation of human and physical capital. We employ an overlapping-generations frame-work in which young adults, confronted with such hazards and motivated by old-age provision and altruism, make decisions about investments in schooling...
Persistent link: https://www.econbiz.de/10012122104
Persistent link: https://www.econbiz.de/10012586460
This paper studies the possibility of nonlinear dynamics in a simple overlapping generations model with the environment - the John-Pecchenino (1994) model. We show that if people's concerns towards greener preferences and the maintenance efficiency relative to degradation are not sufficiently...
Persistent link: https://www.econbiz.de/10014184253
The aim of this research is to build on a theory for explaining economic development in a (neoclassical) growth model with endogenous fertility. The economy is comprised of overlapping generations of rational and identical individuals and identical competitive firms producing with a...
Persistent link: https://www.econbiz.de/10012130325
Over the past four decades, real interest rates have risen then fallen across the industrialised world. Over the same period, nominal investment rates fell, while house prices and household debt ratios rose. I explain these four trends with a fifth — the widespread fall in the relative price...
Persistent link: https://www.econbiz.de/10013012368
In 1960s-1980s Japan enjoyed high economic growth. In the early 1990s, however, the growth rate drastically declined and thereafter Japan has been suffering secular stagnation. This paper proposes a dynamic macroeconomic model that can consistently explain such a drastic change in economic...
Persistent link: https://www.econbiz.de/10013016531