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Article Dans Une Revue Journal of Economic Theory Année : 2007

Demographic structure and capital accumulation

Résumé

This paper develops an overlapping-generations (OLG) model to analyze the consequences of demographic structure changes induced by an exogenous shift in the birth rate. We first show that a finite growth rate of the population that maximizes long-run capital per capita exists. Then, we examine the theoretical properties of this growth rate by showing that: (i) it corresponds to the demographic structure such that the average ages of capital holders and workers are equal; (ii) it is associated to an efficient steady state; (iii) it increases with compulsory transfers from younger to older generations. Finally, we explain why standard OLG models do not exhibit such a growth rate.

Dates et versions

hal-02665210 , version 1 (31-05-2020)

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Hippolyte d'Albis. Demographic structure and capital accumulation. Journal of Economic Theory, 2007, 132 (1), pp.411-434. ⟨10.1016/j.jet.2005.10.001⟩. ⟨hal-02665210⟩
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