In a species capable of (imperfect) social learning, how much culture can a population of a given size carry? And what is the relationship between the individual and the population? In the first study of these novel questions, here we develop a mathematical model of the accumulation of independent cultural traits in a finite population with overlapping generations.

Monetary policy is superneutral in an overlapping generations model. Previous authors have argued that superneutrality does not hold in such a setting. However, the standard results rely on the counter-factual premise of helicopter money and are overturned if money creation through open market operations is taken into account. This result suggests that a more realistic representation of monetar...

This paper proposes and analyzes a model of a “European economy” with three overlapping generations, redistributive social security, and public universities without tuition. Individuals differ ex ante. The effect of wage tax rate on occupational choice and the voting equilibrium of wage tax rate and educational investments are analyzed both under full certainty and with income risks facing the ...

We analyze an overlapping generations model where individuals’ wellbeing is negatively affected by the economy-wide average consumption level. Each individual aims at increasing his consumption level relatively to that of the others. We show that this "positional competition" can generate (local and global) indeterminacy and chaos. Mathematics Subject Classifications (2000): 37N40, 37M20, 39A11

We consider an overlapping generations model à la Diamond (1965) with two additional ingredients: altruism and an asset (or land) bringing non-stationary positive dividends (or fruits). We study the global dynamics of capital stocks and asset values as well as the interplay between them. Asset price bubbles are also investigated.