Demographic structure and capital accumulation

• 成果类型: Article
• 署名作者: d'Albis, Hippolyte
• 署名单位: Universite de Toulouse; Universite Toulouse 1 Capitole
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2005.10.001
• 发表日期: 2007
• 页码: 411-434
• 关键词: continuous-time overlapping-generations models; Population aging

摘要

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. (c) 2005 Elsevier Inc. All rights reserved.