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Modeling overlapping generations in a complementarity format

✍ Scribed by Tobias N. Rasmussen; Thomas F. Rutherford

Publisher
Elsevier Science
Year
2004
Tongue
English
Weight
345 KB
Volume
28
Category
Article
ISSN
0165-1889

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✦ Synopsis

This paper provides an introduction to numerical simulation of overlapping generations models with perfect foresight and ΓΏnite lifetimes. The exposition presents the fundamental characteristics of this class of problems, and GAMS programs illustrate how models can be formulated in applied research using the complementarity framework. Issues addressed in the paper include how to calibrate to baseyear data, and how to represent international trade, bequests, government tax and expenditure policies, and a labor/leisure choice with endogenous retirement.

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