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Article Dans Une Revue International Economic Review Année : 2009

Competitive Growth in a Life-cycle Model: Existence and Dynamics

Résumé

The dynamic behavior of the capital growth rate is analyzed using an overlapping-generations model with continuous trading. Assuming a technology satisfying constant social returns to capital, the equilibrium growth rate is piecewise-defined by functional differential equations with both delayed and advanced terms. The main result concerns the existence of a solution expressed as a series of exponentials, which is shown to crucially depend on the initial wealth distribution among cohorts. Upon existence, the dynamics of the capital growth rate has a saddle-point trajectory that converges to a unique steady state. Along the transition path, the growth rate exhibits exponentially decreasing oscillations.
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Dates et versions

hal-00630459 , version 1 (10-10-2011)

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Hippolyte d'Albis, Emmanuelle Augeraud-Véron. Competitive Growth in a Life-cycle Model: Existence and Dynamics. International Economic Review, 2009, 50 (2), pp.459-484. ⟨10.1111/j.1468-2354.2009.00537.x⟩. ⟨hal-00630459⟩
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