期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2008
卷号：1
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：This note derives the Golden Rule of capital accumulation in a Chakraborty-type economy,
i.e. a two-period OLG economy where longevity is endogenous. It is shown that the capital
per worker maximizing steady-state consumption per head is inferior to the Golden Rule
capital level prevailing under exogenous longevity. We characterize also the Lifetime
Golden Rule, that is, the capital per worker maximizing steady-state expected lifetime
consumption per head, and show that this tends to exceed the standard Golden Rule capital
level.
