This preview shows page 1. Sign up to view the full content.
Unformatted text preview: (2002)) Here, I present a 2 period version of Erosa and Gervais ( 2002 ). Individuals live 2 periods (born at age , die at age 1 ). Each generation is indexed by its date of birth. For example in period t , the generations alive are t-1 ,t . Assume no population growth. Each individual is endowed with one unit of time at each age j and can transform one unit of time into z j unit of ecient labor. Let c t,j be the consumption of generation t at age j . Other variables follow the same notation. 26...
View Full Document
- Fall '10