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| Author: | Heijdra, B.J. Romp, W.E. |
| Title: | A life-cycle overlapping-generations model of the small open economy |
| Journal: | Oxford Economic Papers
2008 : JAN, VOL. 60:1, p. 88-121 |
| Index terms: | open economy life cycles overlapping-generations models |
| Language: | eng |
| Abstract: | An overlapping generations model for the small open economy (hereafter as: s-o-e.) incorporating a realistic description of the mortality (here as: mrlty.) process is developed. With age-dependent mrlty., the typical life-cycle pattern of consumption and saving results from the individual households' maximizing behaviour. This paper's "Blanchard-Yaari-Modigliani" model is used to analytically study a number of typical shocks affecting the s-o-e., that is, a balanced-budget public spending shock, a temporary Ricardian tax cut, and an interest rate shock. |
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