Titlebook: On Overlapping Generations Models with Productive Capital; Günther Lang Book 1996 Springer-Verlag Berlin Heidelberg 1996 efficiency.equili

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Asset Bubbles, Pay-as-you-go Systems and Dynamic Efficiency,nds. A . yields no return, i.e. it is useless in production, and no individual derives utility from just holding it. Tirole (1985) in his article on . gives several examples of things which can serve as bubbles, for instance gold, stocks, land, money, or a beautiful painting. Although some of these

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Book 1996up the challenge to contribute to the investigation of some of these thorny problems. One of these issues is the often quoted idea of the inter generational con- tract. Although intergenerational transfers can improve intertemporal effi- ciency, the design of pension schemes to achieve an improvemen

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0075-8442 ter generational con- tract. Although intergenerational transfers can improve intertemporal effi- ciency, the design of pension schemes to achieve an improvemen978-3-540-61603-0978-3-642-48152-9Series ISSN 0075-8442 Series E-ISSN 2196-9957

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On Overlapping Generations Models with Productive Capital

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Introduction,This work will be concerned with several yet unsolved, maybe even partly unnoticed, problems in the framework of the Diamond (1965) type overlapping generations model with productive capital. These are problems of intertemporal (dynamic) efficiency, distributive justice and optimal population, and the problem of time-consistency of fiscal policy.