In the framework of an overlapping generations model, forward-looking monetary policy roles and backward-looking monetary policy rules were investigated. It is shown that the monetary steady state is more likely to be...In the framework of an overlapping generations model, forward-looking monetary policy roles and backward-looking monetary policy rules were investigated. It is shown that the monetary steady state is more likely to be indeterminate under an active forwardlooking rule than under the corresponding backward-looking rule. It is also shown that backward-looking roles can render the monetary steady state unstable.展开更多
The paper shows that there do exist two kinds of steady states equilibria in the overlapping generations models with consumption and production loans, similar to the pure exchange economies examined by Gale （1973）. ...The paper shows that there do exist two kinds of steady states equilibria in the overlapping generations models with consumption and production loans, similar to the pure exchange economies examined by Gale （1973）. Furthermore, the local stability properties of these two （kinds of） steady states are also investigated： In the classical case, the golden-rule steady state is stable and the balanced steady state is saddle-point stable; however, in the Samuelson case, the golden-rule steady state is saddle-point stable and the balanced steady state is stable.展开更多
We build a simple overlapping generation model to investigate the effect of life expectancy on the real exchange rate where fertility is chosen endogenously.The model reveals that,although the overall effect of life e...We build a simple overlapping generation model to investigate the effect of life expectancy on the real exchange rate where fertility is chosen endogenously.The model reveals that,although the overall effect of life expectancy on the real exchange rate is not certain,longer life expectancy tends to cause the real exchange rate to depreciate by reducing fertility.Fertility thus serves as a mediator in the effect of life expectancy on the real exchange rate.Evidence from 148 economies(1980-2018)shows a statistically significant and robust negative relationship between life expectancy and the real exchange rate.It is estimated that a I year increase in life expectancy is associated with a 1.5 percent depreciation in the real exchange rate.The evidence also confirms the mediated effect of fertility.The mediated effect that fertility exerts accounts for 30 percent to 50 percent of the total effect,depending on the real exchange rate index used.展开更多
基金Project supported by National Natural Science Foundation of China （Grant No. 70071012）
文摘In the framework of an overlapping generations model, forward-looking monetary policy roles and backward-looking monetary policy rules were investigated. It is shown that the monetary steady state is more likely to be indeterminate under an active forwardlooking rule than under the corresponding backward-looking rule. It is also shown that backward-looking roles can render the monetary steady state unstable.
文摘The paper shows that there do exist two kinds of steady states equilibria in the overlapping generations models with consumption and production loans, similar to the pure exchange economies examined by Gale （1973）. Furthermore, the local stability properties of these two （kinds of） steady states are also investigated： In the classical case, the golden-rule steady state is stable and the balanced steady state is saddle-point stable; however, in the Samuelson case, the golden-rule steady state is saddle-point stable and the balanced steady state is stable.
基金supported financially by the National Social Science Foundation of China(Nos.19BJL131,19BJL029)the National Natural Science Foundation of China(No.71973109)。
文摘We build a simple overlapping generation model to investigate the effect of life expectancy on the real exchange rate where fertility is chosen endogenously.The model reveals that,although the overall effect of life expectancy on the real exchange rate is not certain,longer life expectancy tends to cause the real exchange rate to depreciate by reducing fertility.Fertility thus serves as a mediator in the effect of life expectancy on the real exchange rate.Evidence from 148 economies(1980-2018)shows a statistically significant and robust negative relationship between life expectancy and the real exchange rate.It is estimated that a I year increase in life expectancy is associated with a 1.5 percent depreciation in the real exchange rate.The evidence also confirms the mediated effect of fertility.The mediated effect that fertility exerts accounts for 30 percent to 50 percent of the total effect,depending on the real exchange rate index used.
