Prelims
Overlapping Generations: Methods, Models and Morphology
ISBN: 978-1-83753-053-3, eISBN: 978-1-83753-052-6
ISSN: 1571-0386
Publication date: 4 September 2023
Citation
Spear, S.E. and Young, W. (2023), "Prelims", Overlapping Generations: Methods, Models and Morphology (International Symposia in Economic Theory and Econometrics, Vol. 32), Emerald Publishing Limited, Leeds, pp. i-xi. https://doi.org/10.1108/S1571-038620230000032029
Publisher
:Emerald Publishing Limited
Copyright © 2023 Stephen E. Spear and Warren Young
Half Title Page
OVERLAPPING GENERATIONS
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INTERNATIONAL SYMPOSIA IN ECONOMIC THEORY AND ECONOMETRICS
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Title Page
INTERNATIONAL SYMPOSIA IN ECONOMIC THEORY AND ECONOMETRICS - VOLUME 32
OVERLAPPING GENERATIONS: METHODS, MODELS AND MORPHOLOGY
BY
STEPHEN E. SPEAR
Carnegie Mellon University, USA
and
WARREN YOUNG
Bar Ilan University, Israel
United Kingdom – North America – Japan – India – Malaysia – China
Copyright Page
Emerald Publishing Limited
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First edition 2023
Copyright © 2023 Stephen E. Spear and Warren Young.
Published under exclusive licence by Emerald Publishing Limited.
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A catalogue record for this book is available from the British Library
ISBN: 978-1-83753-053-3 (Print)
ISBN: 978-1-83753-052-6 (Online)
ISBN: 978-1-83753-054-0 (Epub)
ISSN: 1571-0386 (Series)
Dedication Page
To our wives, Ann and Sara
Who put up with all the time that went into this work.
Contents
List of Figures and Tables | ix |
Acknowledgments | xi |
Introduction | 1 |
Chapter 1: Origins of the Workhorse Models | 11 |
Chapter 2: OLG – The Next Generations, 1960–1970 | 19 |
Chapter 3: Expectations and the Neutrality of Money c. 1972: From OLG to Stochastic OLG | 43 |
Chapter 4: Infinite-lived Agents: Dynasty, 1970–1980 | 53 |
Chapter 5: OLG and Money, 1970–1980 | 61 |
Chapter 6: OLG and Theory, 1970–1980 | 79 |
Chapter 7: Boomers | 99 |
Chapter 8: Gen X and Beyond: 1995–2015 | 159 |
Chapter 9: The Ascendance of ILA and the Future of Macro | 183 |
Chapter 10: Morphology of OLG Models and Methods in Comparative Perspective | 199 |
Chapter 11: Summary and Conclusion | 209 |
Appendix 1: Graduate Textbook Coverage of OLG | 213 |
Appendix 2: Rios-Rull Follow-on Citations | 215 |
References | 229 |
Index | 241 |
List of Figures and Tables
Figures
Fig. 1. | Standard Offer Curve Diagram for Two-period OLG | 25 |
Fig. 2. | Offer Curve With Population Growth | 25 |
Fig. 3. | Offer Curve With a Productive Asset | 26 |
Fig. 4. | Offer Curve Showing Competitive Equilibrium and Golden Rule | 27 |
Fig. 5. | Offer Curve for Inefficiency with Productive Asset | 28 |
Fig. 6. | Gale’s Offer Curve Analysis of Classical Case | 38 |
Fig. 7. | Gale’s Offer Curve Analysis for Samuelsonian Case | 39 |
Fig. 8. | Long-run Neutrality of Money | 44 |
Fig. 9. | Short-run Non-neutrality of Money | 45 |
Fig. 10. | Cass–Okuno–Zilcha Offer Curve Analysis | 65 |
Fig. 11. | Excess Demand Functions for Non-sunspot and Sunspot Equilibria | 96 |
Fig. 12. | Backward-bending Offer Curve and Cyclic Equilibrium | 97 |
Fig. 13. | Local Decomposition of Invariant Subspaces | 101 |
Fig. 14. | Graph of the Quadratic Logistic Map | 110 |
Fig. 15. | Time-series Simulation for Cyclic Equilibrium | 111 |
Fig. 16. | Time-series Simulation for Chaotic Equilibrium | 111 |
Fig. 17. | Benhabib–Day Analysis | 112 |
Fig. 18. | Grandmont Analysis | 113 |
Fig. 19. | Transversal Intersection | 136 |
Fig. 20. | Non-transversal Intersection | 137 |
Fig. 21. | Simulations From Henriksen–Spear (2012) | 156 |
Fig. 22. | Twentieth Century Birth Cohorts | 176 |
Fig. 23. | MY Ratio and Stock Price Correlation | 177 |
Note: The colored versions of the graphics can be found online, either in the ebook version or on the last preprint in the Carnegie Mellon institutional archives.
Table
Table 1. | Rios-Rull Citation Summary | 146 |
Acknowledgments
We are grateful to all of the living protagonists in the OLG story we tell in this book, who took the time to converse with us by email in response to our various inquiries.
We are particularly indebted to Alan Auerbach and Larry Kotlikoff, who sat down with us for a Zoom meeting at the height of the Covid-19 pandemic for an interview, and to Phillippe Weil who did the same. Alan and Larry helped structure our thinking about how OLG theory met practice. Phillippe’s advice helped guided our treatment of the perpetual youth versions of the OLG model.
Finally, Karl Shell has been a mentor to us on this project from the very start. His knowledge of the OLG model – based on his own seminal research on it and from his contact with a great many of the formative papers on the model in his years as the (founding) editor of the Journal of Economic Theory – helped keep the project focused on the key elements of a research program in which there are many interesting, but tangential, threads.
- Prelims
- Introduction
- Chapter 1: Origins of the Workhorse Models
- Chapter 2: OLG – The Next Generations, 1960–1970
- Chapter 3: Expectations and the Neutrality of Money C. 1972: from OLG to Stochastic OLG
- Chapter 4: Infinite-lived Agents: Dynasty, 1970–1980
- Chapter 5: OLG and Money, 1970–1980
- Chapter 6: OLG and Theory, 1970–1980
- Chapter 7: Boomers
- Chapter 8: Gen X and Beyond: 1995–2015
- Chapter 9: The Ascendance of ILA and the Future of Macro
- Chapter 10: Morphology of OLG Models and Methods in Comparative Perspective
- Chapter 11: Summary and Conclusion
- Appendices
- References
- Index