09/04/2023
Warren Young and Stephen Spear have just published a new book on the development and role of overlapping generations models in macroeconomics.
Copies of the book can be purchased here:
https://mitpressbookstore.mit.edu/book/9781837530533
The final preprint of the book is available for free on the Carnegie Mellon University institutional repository (aka the Kilthub) here:
https://doi.org/10.1184/R1/23913087
The 800 pound gorilla in the room of macroeconomics is the question of why the overlapping generations model didn't become the central workhorse model for macroeconomics. Introduced in 1958 by Paul Samuelson, the model postulates an infinite number of finite-lived families. This is in stark contrast...