Monetary policy rules：Forward-looking and backward-looking in an overlapping generations model

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.

Competitive Equilibrium in an Overlapping Generations Model with Production Loans

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.

Some Mathematical Properties of the Dynamically Inconsistent Bellman Equation： A Note on the Two-Sided Altruism Dynamics

This article describes some dynamic aspects on dynastic utility incorporating two-sided altruism with an OLG setting. The special case is analyzed where the weights of two-sided altruism are dynamically inconsistent. The Bellman equation for two-sided altruism proves to be reduced to one-sided dynamic problem, but the effective discount factor is different only in the current generation. It is shown that a contraction mapping result of value function cannot be achieved in general, and that there can locally exist an infinite number of self-consistent policy functions of the class C＂ with distinct steady states （indeterminacy of self-consistent, differentiable policy functions）.

The Feasibility Analysis of Delayed Retirement in Northwest China --Taking Gansu Province as an Example

Gansu Province in the northwest of China, so the research on the impact of delay retirement in Gansu province have a certain representation. This paper analyzes the current situation of human resources in Gansu province the proportion of the labor force is relatively low, the age structure of aging, education, human resources quality is still not high, the use of theoretical analysis method of overlapping generations model and AHP method to verify the proposed implementation. The delay retirement policy to increase the effective adjustment of Gansu province to improve the structure of human resources, better solve the problem of human resources structure in Gansu Province, so as to enhance Gansu＇s core competitive advantage.

Longevity,Fertility,and the Real Exchange Rate

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.