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A closed model of overlapping cohorts

In: Modeling Pension Systems

Author

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  • András Simonovits

    (Hungarian Academy of Scientists)

Abstract

Until now the interest rate has been taken as a constant and as exogenously given. This assumption is acceptable in a small open economy but is unacceptable in a large closed economy. We shall now study what happens if interest rates change endogenously over time. Samuelson (1958), Diamond (1965), Gale (1973, Part I), and, among others, Blanchard-Fischer (1989), Simonovits (2000a, Appendix B) have studied overlapping generations models, where only two generations interact in each period: the young and the old. The young generation is just born, the old is to die at the end of period. These elementary models yield elegant insights into the possible dynamics of pension systems (see Appendix B for details).

Suggested Citation

  • András Simonovits, 2003. "A closed model of overlapping cohorts," Palgrave Macmillan Books, in: Modeling Pension Systems, chapter 0, pages 131-138, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59769-3_14
    DOI: 10.1057/9780230597693_14
    as

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