A NOTE ON INDETERMINACY IN OVERLAPPING GENERATIONS ECONOMIES WITH ENVIRONMENT AND ENDOGENOUS LABOR SUPPLY

A NOTE ON INDETERMINACY IN OVERLAPPING GENERATIONS ECONOMIES WITH ENVIRONMENT AND ENDOGENOUS LABOR SUPPLY

We consider an overlapping generations model with environment and an elastic labor supply. In this framework, consumers have to choose between consumption, environmental quality, and leisure. We show the existence of both deterministic cycles and indeterminacy. In contrast to previous results, the e...

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Veröffentlicht in:Macroeconomic dynamics 2007-06, Vol.11 (3), p.423-429
Hauptverfasser: SEEGMULLER, THOMAS, VERCHÈRE, ALBAN
Format: Artikel
Sprache:eng
Schlagworte:
Consumers
Consumption
Economic models
Economic theory
Economics and Finance
Environmental quality
Equilibrium
Humanities and Social Sciences
Labor supply
Leisure
Macroeconomics
Pollution
Production functions
Studies
Utility functions
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Zusammenfassung:We consider an overlapping generations model with environment and an elastic labor supply. In this framework, consumers have to choose between consumption, environmental quality, and leisure. We show the existence of both deterministic cycles and indeterminacy. In contrast to previous results, the emergence of endogenous fluctuations does not require a high emission rate of pollution.
ISSN:1365-1005
1469-8056
DOI:10.1017/S1365100506060093