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 eﬃcient labor. Let c t,j be the consumption of generation t at age j . Other variables follow the same notation. 26...
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This note was uploaded on 12/10/2011 for the course MAT 121 taught by Professor Wong during the Fall '10 term at SUNY Stony Brook.
- Fall '10