Index
Stephen E. Spear
(Carnegie Mellon University, USA)
Warren Young
(Bar Ilan University, Israel)
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
This content is currently only available as a PDF
Citation
Spear, S.E. and Young, W. (2023), "Index", Overlapping Generations: Methods, Models and Morphology (International Symposia in Economic Theory and Econometrics, Vol. 32), Emerald Publishing Limited, Leeds, pp. 241-248. https://doi.org/10.1108/S1571-038620230000032028
Publisher
:Emerald Publishing Limited
Copyright © 2023 Stephen E. Spear and Warren Young
INDEX
Ad hoc modeling of expectation formation
, 46
Agents
, 3
Aggregate capital stock
, 189
Agricultural technology
, 173
Aiyagari’s observational equivalence research program (Aiyagari’s OE research program)
, 114
Aiyagari–Bewley models
, 118, 161
Aiyagari–Bewley–Huggett models
, 118, 180
Altermatt’s model
, 179
Alternating current
, 2
American Economic Association
, 45, 187
American Economic Review (1965) (AER)
, 28
Apple’s MacIntosh system
, 1
Apple’s system
, 1
Arrow-Debreu general equilibrium theory
, 80
Arrow-Kurz analysis
, 122
Arrow–Debreu economy
, 88
Arrow–Debreu equilibrium
, 74, 82
Arrow–Debreu framework
, 72
Arrow–Kurz contention
, 124, 128
Asset Prices
, 70
Asset pricing model
, 77
Auerbach–Kotlikoff approach
, 144
Auerbach–Kotlikoff modeling technique
, 168
Auerbach–Kotlikoff simulation model
, 125, 128
Balasko–Cass–Shell
, 85, 107
Balasko–Shell Analysis
, 85
Balasko–Shell argument
, 148
Balasko–Shell papers
, 85, 89
Banach contraction mapping theorem
, 180, 187
Bargaining process
, 195
Barro’s dynastic solution
, 122
Barro’s model
, 58
Belief function
, 167
Bellman equation
, 57, 180
Bellman’s dynamic programming
, 50
Bellman’s functional equation
, 188
Benhabib–Day model
, 109
Benhabib–Miao–Wang model
, 167
Bernheim–Bagwell analysis
, 122
Bernheim–Bagwell criticism
, 122, 126
Bi-infinite model
, 36
Bifurcations
, 166
Big Bang
, 2
Bisexual GW process
, 133
Blanchard’s model
, 133
Blanchard–Kahn conditions
, 108
Blanchard–Yaari model
, 133, 144, 159
Bloise–Calciano approach
, 162
Blume’s techniques
, 140
Bonafide monetary policy
, 90
Bonafide policies
, 90
Boomers
chaos
, 108
generation
, 184
incomplete markets and financial frictions
, 117
Kehoe and Levine
, 99
observational equivalence
, 114
pushback
, 121
stochastic OLG
, 134
welfare issues
, 148
Bootstrap process
, 161
Bootstrapping technique
, 119, 131, 140
Brock–Scheinkman model
, 71
Brouwer theorem
, 58
Buchanan’s criticism
, 125
Budget constraints
, 136
Business cycle models
, 121
Business cycle phenomena
, 167
Calibrated RBC-type models
, 164
Calibration
, 70
Canonical augmentations of OLG approach
, 210
Carnegie Mellon University’s Graduate School of Industrial Administration (Carnegie Mellon University’s GSIA)
, 44
Carnegie–Rochester Conference on Money, Monetary Policy, and Financial Institutions (1983)
, 76
Cass, David
, 30
Cass-Yaari analysis
, 30
Cass–Okuno–Zilcha paper
, 64, 69
Cass–Shell criticism
, 77
Cass–Shell divorce
, 93
Cass–Shell paper
, 97
Cass–Shell rebuttal
, 69
Cass–Yaari circular model
, 74
Cass–Yaari model
, 63
CEPREMAP
, 79, 81, 108
Chaos
, 108
Chattopadhyay–Gottardi
, 154
Cobb-Douglas production functions
, 129
Competing systems
, 2
Competitive equilibrium
, 88, 90
Computation
, 179
Computer operating systems
, 1
Conditional optimality
, 150
Consumption-loans model
, 16, 127
Continuation function
, 56
Continuous function
, 102
Continuous random state variable
, 50
Continuous time stochastic differential equations
, 207
Continuous-time formulations
, 100
Continuous-time model
, 132
Contraction mappings
, 58
Convention ILA paradigm
, 185
Conventional Aiyagari–Bewley models
, 118
Conventional approaches
, 130
Conventional DMP models
, 195
Conventional general equilibrium theory
, 197
Conventional ILA approach
, 130
Conventional NK-DSGE model
, 192
Conventional OLG models
, 133
Conventional public goods model
, 126
Conventional RCK model
, 163
Coordination mechanism
, 167
Corbae, Temzelides, and Wright paper (CTW paper)
, 178
Cornell’s Economics Department
, 95
Cowles Foundation
, 201
Cross-state budget constraints
, 49
Culmination
, 12
Cultural lag
, 23
Demange’s analysis
, 154
Demographers
, 19
Demographic transition
, 172
Demography
, 172
Denotation
, 183
Determinacy
, 105, 165
Deterministic models
, 148
Diamond model
, 24, 114, 131, 153
Diamond’s 1965 approach
, 28
Diamond’s OLG model
, 70
Diamond–Dybvig model
, 167
Diamond–Mortensen–Pissarides (DMP)
, 194
Diesel electric hybrid technology
, 1
Difference equation system
, 22, 105
Differential equations
, 50, 100, 207
Direct current
, 2
Disaggregated approach
, 44
Dixit–Stiglitz model
, 163
of monopolistic competition
, 164
Dynamic, stochastic, general equilibrium (DSGE)
, 3
Dynamic economics
, 53, 105
Dynamic programming approach
, 56, 132
Dynamic programming framework
, 58
Dynamic programming techniques
, 54
Dynamic programming technology
, 187
Dynamic stochastic general equilibrium (DSGE)
, 5
Dynamic system
, 22, 100, 102, 175, 200
analysis
, 22, 100
EconLit database
, 16
Economie et Interet
, 14
Electrification
, 2
Enforcement mechanisms
, 63
Equation system
, 135
Equilibria
, 140
Equilibrium
, 96
concept
, 143
equations
, 21, 96, 103, 105
money prices
, 90
phenomenon
, 45
price
, 106
second-order difference equation
, 131
stochastic process
, 120
Essays in the Theory of Optimal Economic Growth
, 30
Euler equations
, 56
Ex post optimality
, 154
Ex post Pareto optimality
, 154
Exogenous Malthusian mechanism
, 173
Exogenous stochastic process
, 149
Expectations correspondence
, 143
Externalities
, 163
Family altruism
, 185
Farmer’s approach
, 195
Farmer’s belief functions
, 195
Farmer’s model
, 114, 195
Farmer’s OxREP paper
, 194
Federal Reserve Bank of Minneapolis, The
, 64
Feldstein’s criticism
, 125
Feynman integrity
, 186
Field equations
, 2
Financial frictions, incomplete markets and
, 117
Finite-dimensional Arrow–Debreu–McKenzie model
, 12, 53
Finite-dimensional Euclidean vectors
, 71
First Welfare theorem
, 88
First-order conditions (FOCs)
, 119
First-order difference equation system
, 56, 104, 106
First-order Markov process
, 150
First-order stochastic difference equation for equilibrium
, 119
Fisher critique
, 21
Fisher model
, 40
Foreign exchange
, 62
Formal non-standard analysis
, 149
Formalized canonical foundational OLG model
, 210
Forward difference equation
, 100
Forward dynamic programming algorithm
, 58, 187
Foundational OLG model
, 209
Foundations of Economic Analysis
, 11
Four-period cycle
, 111
French Centre National de la Recherche Scientifique (CNRS)
, 79
French Ministry of Research
, 79
Function theorem on Banach space
, 139
Functional analytic techniques
, 114
Functional equation
, 57
Gale
, 36
approach
, 37
balanced equilibrium
, 131
paper
, 37
theorem
, 37
Galor–Weil model
, 174
Galton–Watson process
, 133
Gauss–Seidel method
, 180
Geanakoplos, Magill, and Quinzii (GMQ)
, 175
Geanakoplos–Brown analysis
, 148
Gen X
computation
, 179
demography and wealth
, 172
search
, 177
social security
, 168
theory
, 160
General Equilibrium
, 200
theory
, 142
General Morphological Analysis (GMA)
, 199
Generational accounting mechanism
, 171
Genetic algorithms
, 182
Goenka’s model
, 165
Golden rule allocation
, 27
Golden rule equilibrium
, 36
Gomperty’s law
, 132
Google
, 117
Google Scholar search
, 118, 141, 159
Graded age-group sets
, 8
Grandmont-Malgrange JET symposium
, 131
Grandmont’s approach
, 113
Grandmont’s earlier expectations function approach
, 195
Grandmont’s model
, 109
Grandmont’s temporary equilibrium work
, 82
Greenspan Commission
, 168
Grobman-Hartman Theorem
, 101, 104
GSIA working paper collection
, 138
Hamiltonian dynamic systems approach
, 187
Hansen–Prescott approach
, 173
Harenberg–Ludwig model
, 171
Henriksen–Spear paper
, 154
Heterogenous Agent New Keynesian model (HANK model)
, 210
History-dependent equilibrium
, 162
History-dependent SOLG framework
, 139
Hopf bifurcation
, 131
Human capital accumulation
, 163
Hybrid OLG-ILA model
, 134
Hyperbolic dynamic systems
, 101
IEA conference (1970)
, 29
Industrial Organization
, 1
Infinite sequences
, 87
Infinite-dimensional vector
, 87
Infinite-lived agent model (ILA model)
, 3, 8, 11, 106, 112, 132, 150, 180, 185, 183, 206
approach
, 118, 209
of chaos
, 114
environment
, 149
ILA-based research
, 205
papers
, 7
Infinite-lived representative agent approach
, 13, 70
Infinity paradox
, 30
Inflationary equilibria
, 40
Interest rate
, 30
Intergenerational models
, 71
Intergenerational transfer process
, 178
International Economic Review
, 24
International Economics Association Conference Proceedings (1973) (IEA Conference Proceedings)
, 29
Invariant manifolds
, 100
Inverse relationship
, 44
ISI Web of Science
, 7
Iterated function systems
, 144
Jordan matrix
, 107
Journal of Economic Literature communication (1987)
, 15
Journal of Economic Theory
, 95, 112
Journal of Political Economy (JPE)
, 16
Kehoe, Tim
, 99
Kehoe–Levine papers (K&L papers)
, 100, 102, 108
Keynes’ terminology
, 164
Keynesian approach of modeling
, 44
Keynesian models
, 195
Keynesian search model
, 195
Keynesian-based Harrodian growth model
, 183
King Lear
, 15
Kitchin cycle
, 200
Kitchin–Juglar–Kondratieff
, 200
Kiyotaki and Wright paper (KW paper)
, 177
Kondratieff cycle
, 200
Krueger–Kubler paper
, 170
Krusell–Smith algorithm
, 162, 190
Krusell–Smith paper
, 161
Kurz’s econometric test of the second hypothesis
, 125
Kydland–Prescott approach
, 186
Laissez faire competitive pricing
, 23
Laissez-faire free-floating exchange rate regime
, 63
Large-scale SOLG models
, 179
Lerner asserts
, 19
Lerner-Samuelson Debate
, 19
Lerner–Meckling–Samuelson debate
, 23
Levine, David
, 99
Lifecycle context
, 129
Lifecycle models
, 172
Lineal process
, 16
Linear dynamic system
, 101
Linear equation systems
, 136
Linear utility specification
, 34
Logical approach
, 43
Logical approach of McCallum’s minimal state variable criterion
, 189
Lucas Critique
, 165
Lucas model
, 47, 71, 135
Lucas-proof forecast rule
, 165
MacIntosh
, 1
Macroeconomic analysis
, 3
Macroeconomic Dynamics
, 91
Macroeconomics
, 98, 183, 191, 200
Macroeconomists
, 6
Malinvaud’s capital value minimization condition
, 22
Malthusian technology
, 173
Marginal rate of transformation (MRT)
, 83
Marginal utility
, 151
Markov chain
, 95
Markov equilibria
, 161
Markov equilibrium process
, 143
Mathematical Social Sciences Board (MSSB)
, 92
Mathematical techniques
, 187
Mathematics of chaos theory
, 110
Maximum Principle text
, 58
McCallum’s argument
, 76
Meckling-Samuelson Debate
, 20
Microsoft
, 1
dominance
, 1
machine
, 1
MS-DOS system
, 1
system
, 1
Minimum state variable approach
, 121
Minneapolis Fed Conference (1978)
, 63
Minnesota Fed conference (1980)
, 178
Mirrlees model
, 83
Models of Monetary Economies
, 64
Monetary economics
, 61, 69, 79, 200
Monetary policy puzzle
, 44
Monetary reform
, 35
Money
, 20, 69
tenuousness of
, 75
Money and Interest
, 43
Morphological approaches
, 200
Muller–Woodford paper
, 133
Multi-generation society
, 84
Multi-period SOLG models
, 166
Multigenerational models
, 209
MY ratio
, 175
Nash bargaining process
, 179
National Science Foundation
, 40
Natural Rate Hypothesis (NRH)
, 165
Negishi approach
, 182
Neoclassical growth model
, 11
Neoclassical synthesis approach
, 183
New Classical Macroeconomic Analytical Toolkit
, 165
New Keynesian DSGE model
, 41
New Keynesian models
, 122
New Neoclassical Synthesis of RBC
, 122
Non-linear equation systems
, 136
Non-linearity of difference equation
, 112
Non-stationary deterministic equilibrium dynamics
, 140
Non-stationary dynamics
, 140
Non-stationary equilibrium trajectories
, 37
Observational Equivalence
, 114
Offer curve
, 26
Office of Naval Research
, 40
One-sector capital model
, 55
One-sector optimization problem
, 56
Optimal taxation
, 83
Optimality criteria
, 155
Optimum social security
, 24
Overlapping generations model (OLG model)
, 3, 13, 63, 118, 127, 159
approach
, 7, 108, 199, 209
Balasko–Shell analysis
, 85
Barro’s reinterpretation of
, 5
Cass and Yaari
, 30
demographics
, 123
Diamond Model
, 24
economies
, 144, 148
framework
, 43, 62, 84
inefficiency
, 31
Lerner-Samuelson Debate
, 19
Meckling-Samuelson Debate
, 20
model
, 33, 36, 53, 75, 81, 84, 90, 93, 99, 100, 102, 106, 108, 124, 150, 160, 177, 180, 183
morphology tree diagram
, 200
optimal taxation and public finance
, 83
paper
, 7
Shell
, 33
Starrett and Gale
, 36
sunspots
, 91
temporary equilibrium
, 79
theorists
, 43
Pairing process
, 179
Parameterized expectations approach (PEA)
, 181
Pareto optimal
, 35, 64, 115, 190
allocation
, 89
steady-state equilibria
, 114
Pareto optimality
, 75
Pareto optimum
, 53
Parsimony
, 205
Parsimony dimension
, 206
Paul Samuelson’s overlapping generations model
, 14
Pay-as-you-go (PAYGO)
, 147, 169
fund
, 69
social security system
, 171
system
, 168
Peck–Shell models
, 167
Penn theory workshop
, 92
Period infinity
, 111
Perpetual youth model
, 33
Perron–Frobenius theorem
, 152
Personal computing
, 1
Perturbation techniques
, 160
Pessimism
, 63
Philadelphia connection
, 98
Philadelphia Pholk theorem
, 98, 184
Phillips curve
, 44
Phillips curve relationship
, 45
Policy function iteration
, 181
Political economy
, 123
Ponzi schemes
, 23, 118
Post-Conference contributions
, 64
Prediction
, 205
President’s Commission on Pension Policy (1979)
, 124
Prices
, 87
Private communication from Shell
, 93, 98
ProQuest database of dissertations
, 8
Psychological phenomena
, 161
Public finance
, 83
Pure Currency
, 70
Quadratic logistic map
, 110
Qualitative policy implications
, 130
Quantitative model
, 170
Quantity equation
, 43
Ramsey project
, 12
Ramsey’s model
, 11
Ramsey’s specification of model
, 11
Ramsey–Cass–Koopmans model (RCK model)
, 3, 13, 46, 54, 95, 112, 210
Rawlsian criterion
, 83
Re-aiming process
, 22
Re-examination paper
, 32
Real Business Cycle Model (RBC Model)
, 189, 210
Realistic process
, 133
Recursive competitive equilibrium
, 154
Recursive dynamic programming
, 187
Recursive equilibrium
, 143, 161
Recursive Methods text
, 55, 117
Relativity equations
, 2
Rene Thom’s transversality theorem
, 136
Representative Agent New Keynesian model (RANK model)
, 210
Representative agents
, 3, 211
Return function
, 56, 58
Ricardian equivalence
, 123
Ricardian neutrality
, 127
Rios-Rull’s model
, 147
Rios-Rull’s simulation
, 144
framework
, 147
Samuelson-Gale dichotomy
, 15
Samuelson’s consumption loans model
, 30
Samuelson’s model
, 15, 19, 30, 46
of overlapping generations
, 46
Samuelson’s OLG development
, 15
Samuelsonian case
, 38, 75
Samuelsonian economy
, 47
Samuelsonian equilibrium
, 21
Samuelsonian monetary equilibrium
, 131
Samuelson–Meckling debate
, 68
Science
, 2
Second asset
, 68
Second Welfare theorem
, 88
Second-order difference equation
, 56, 104
Second-order equation
, 57
Sequential budget constraints
, 81
Shell
, 33
Shell’s Philadelphia Pholk theorem
, 132, 163
Shock process
, 36
Short-memory equilibria
, 160
Signal extraction
, 46
Social contrivance of money
, 21
Social credit system
, 15
Social institutions
, 20
Social Science Citation Index
, 7
Social sciences
, 2
Social Security
, 69, 130, 159, 168
Social Security Administration
, 130
Social Security system
, 126
Social welfare criterion
, 83
Social welfare function
, 84
Societal intertemporal MRS (SMRS)
, 83
Solovian technology
, 173
Solow’s neoclassical model
, 24
Solow–Meade–Swan neoclassical approach
, 183
Spear’s approach
, 136
Spear’s recollections
, 138
Spear–Srivastava paper
, 139
Stable manifolds
, 99
Standard dynamic systems theory
, 104
Standard finite-dimensional techniques
, 49
Standardization
, 2
Starrett
, 36
Static general equilibrium models
, 155
Stationary Markov equilibria
, 161
Steady state monetary equilibria
, 131
Steady-state equilibrium
, 106
Steve’s thesis
, 93
Stigler conviction
, 186
Stochastic difference equations
, 141, 155
Stochastic OLG (SOLG)
, 117, 134
application
, 160
environment
, 148, 156
models
, 141, 149, 154, 162, 181
search
, 159
setting
, 190
simulations
, 189
Stochastic overlapping generations models
, 137
Stochastic process
, 154
Stochastic RCK model
, 184
Stochastic steady-state equilibria
, 159
Stone–Weierstrass theorem
, 181
Subsidy to investment
, 130
Sunspots
, 91
stochastic process
, 121
Systematic analytical method
, 199
t-equilibrium price sequence
, 88
Tax reform
, 129
Temporary equilibrium
, 50, 79, 181
model
, 81, 195
theory
, 74, 80
Temporary General Equilibrium Theory
, 80
Tenuousness of monetary equilibrium
, 62
Tenuousness of money
, 75
Third-order difference equation
, 22
Thom’s theorem
, 137
Three-period model
, 22
Time homogeneous Markov equilibrium
, 143
Tobin’s discussion
, 70
Tractability
, 205
Traditional presumption
, 77
Transition matrix
, 152
Turnpike model
, 74
Two-generation 1958 approach
, 24
Two-period lived agents model
, 102
U.S. Social Security
, 23
University of Minnesota Institute of Mathematics
, 109
Unstable manifolds
, 99
US Social Security system
, 185
Utilitarian approaches
, 84
Value function
, 56
Wallace, Neil
, 61
contention
, 68
key argument
, 62
paper
, 68
Walras’ law
, 48, 104
Weak Pareto Optimality
, 23
Wealth
, 172
Welfare issues
, 148
Wilson’s paper
, 132
Woodford’s approach
, 139
Workhorse models
infinite-lived agents and neoclassical growth model
, 11
overlapping generations model
, 13
Xerox’s original X-windows interface
, 1
Xerox’s windowed graphical user interface
, 1
Yaari, Menahem
, 30
Young agents
, 105
- 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