| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5553 |
| DP5553 Pensions with Heterogenous Individuals and Endogenous Fertility | |
| Pierre Pestieau; Helmuth Cremer; Firouz Gahvari | |
| 发表日期 | 2006-03-20 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | In this paper we consider a Ramsey one-sector model with non-separable homothetic preferences, endogenous labour and productive external effects arising from average capital and labour. We show that indeterminacy cannot arise when there are only capital externalities but that it does when there are only labour external effects. We prove that sunspot fluctuations are fully consistent with small market imperfections and realistic calibrations for the elasticity of capital-labour substitution (including the Cobb-Douglas specification) provided the elasticity of intertemporal substitution in consumption and the elasticity of the labour supply are large enough. |
| 主题 | International Macroeconomics |
| 关键词 | Indeterminacy Endogenous cycles Infinite-horizon model Endogenous labour supply Capital and labour externalities |
| URL | https://cepr.org/publications/dp5553 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534406 |
| 推荐引用方式 GB/T 7714 | Pierre Pestieau,Helmuth Cremer,Firouz Gahvari. DP5553 Pensions with Heterogenous Individuals and Endogenous Fertility. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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