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À propos du rôle (dé)stabilisateur de l'hétérogénéité
dans les économies à générations imbriquées

Author

Listed:
  • Stefano Bosi

    (EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne, EQUIPPE - Economie Quantitative, Intégration, Politiques Publiques et Econométrie - Université de Lille, Sciences et Technologies - Université de Lille, Sciences Humaines et Sociales - PRES Université Lille Nord de France - Université de Lille, Droit et Santé)

  • Thomas Seegmuller

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

A large literature has tried to find conditions such thatexpectations-driven fluctuations and endogenous cycles appear, but only few articles have focused on the role of consumers' heterogeneity. In our paper,we address this issue by considering an overlapping generations economy with endogenous labor supply. Introducing a variation of heterogeneity, whilekeeping the mean as constant, we show that a greater or a weaker dispersion does not affect the local dynamics. Therefore, in our framework, therepresentative agent is a good representation of an heterogeneous population.

Suggested Citation

  • Stefano Bosi & Thomas Seegmuller, 2007. "À propos du rôle (dé)stabilisateur de l'hétérogénéité
    dans les économies à générations imbriquées    ," Post-Print halshs-00194250, HAL.
    • Handle: RePEc:hal:journl:halshs-00194250
    DOI: 10.3917/reco.583.0629
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00194250
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    References listed on IDEAS

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    1. Christian Ghiglino & Marielle Olszak-Duquenne, 2005. "On The Impact Of Heterogeneity On Indeterminacy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(1), pages 171-188, February.
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    3. Benhabib, Jess & Farmer, Roger E.A., 1999. "Indeterminacy and sunspots in macroeconomics," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 6, pages 387-448, Elsevier.
    4. Cazzavillan, Guido & Lloyd-Braga, Teresa & Pintus, Patrick A., 1998. "Multiple Steady States and Endogenous Fluctuations with Increasing Returns to Scale in Production," Journal of Economic Theory, Elsevier, vol. 80(1), pages 60-107, May.
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    6. Reichlin, Pietro, 1986. "Equilibrium cycles in an overlapping generations economy with production," Journal of Economic Theory, Elsevier, vol. 40(1), pages 89-102, October.
    7. Woodford, Michael, 1986. "Stationary sunspot equilibria in a finance constrained economy," Journal of Economic Theory, Elsevier, vol. 40(1), pages 128-137, October.
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