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Lecture 12 - Overlapping Generations Models of the Economy

Lecture 12 - Overlapping Generations Models of the Economy

This video was recorded at YALE - ECON 251 - Financial Theory. In order for Social Security to work, people have to believe there's some possibility that the world will last forever, so that each old generation will have a young generation to support it. The overlapping generations model, invented by Allais and Samuelson but here augmented with land, represents such a situation. Financial equilibrium can again be reduced to general equilibrium....

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