A Note on 'A One�?Sector Neoclassical Growth Model with Endogenous Retirement': Existence of Multiple Steady States
A Note on 'A One�?Sector Neoclassical Growth Model with Endogenous Retirement': Existence of Multiple Steady States
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论“A One——内生退休的部门新古典增长模型”：多重稳态的存在
DOI：
10.1111/j.1468-5876.2011.00556.x
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发表时间：
2012
期刊：
影响因子：
--
通讯作者：
Nianqing Liu
中科院分区：
文献类型：
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作者：
L. Gong;Nianqing Liu
本文将松山的0-1内生退休选择模型推广到具有连续内生退休选择的框架中，研究重叠世代模型中的消费储蓄决策和资本积累。给出了存在多个定态的条件。相对于0或1的劳动力选择，部分退休在第二阶段持续的内生退休选择下可能是一种稳定的稳定状态。这意味着部分退休可能是一个稳定的最佳选择。此外，我们还发现，当存在多个稳态时，退休选择取决于初始资本存量。
This note extends Matsuyama's 0–1 endogenous retirement choice model to the framework with continuous endogenous retirement choice to study the consumption‐saving decision and capital accumulation in an overlapping generation model. The conditions for the existence of multiple steady states have been derived. In contrast to the 0 or 1 labour choice, the partial retirement may be a stable steady state under the continuous endogenous retirement choice in the second period. And this implies that partial retirement may be a stable optimal choice. Also, we find that the retirement choice depends on the initial capital stock when there are multiple steady states.