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The overlapping generations (OLG) model is one of the dominating frameworks of analysis in the study of macroeconomic dynamics and economic growth.In contrast to the Ramsey–Cass–Koopmans neoclassical growth model in which individuals are infinitely-lived, in the OLG model individuals live a finite length of time, long enough to overlap with at least one period of another agent's life.
A chart using US data showing the relationship between economic growth and ... the Ramsey–Cass–Koopmans model and Peter Diamond's overlapping generations model.
Peter Diamond, Dale T. Mortensen, Christopher A. Pissarides, Konstantin Novoselov, Andre Geim, Akira Suzuki, Ei-ichi Negishi, and Richard Heck, Nobel Prize Laureates 2010, at a press conference at the Royal Swedish Academy of Sciences in Stockholm. Diamond was born to a Jewish family in New York City.
Macroeconomics, where he popularized the overlapping generations model as a way to analyze economic agents' behavior across multiple periods of time, [30] developed multiplier-accelerator model, [31] analyzed Phillips curve, [32] and contributed to formation of the neoclassical synthesis.
Originally Ramsey set out the model as a social planner's problem of maximizing consumption levels over successive generations. [4] Only later was a model adopted by Cass and Koopmans as a description of a decentralized dynamic economy with a representative agent .
Gen Beta will be the seventh generation since generations started being named in 1901, with the Greatest Generation. With the start of a new year on Jan. 1, 2025, comes the emergence of a new ...
The trial was short; that same day the jury found Peter Diamond guilty of first-degree murder. Stanbery objected and asked the judge for a new trial, which the judge denied. On Aug. 22, Diamond ...
Non-overlapping generations are found in species in which the adult generation dies after one breeding season. If a species for instance can only survive winter in the juvenile state the species will automatically consist of non-overlapping generations. The bee Amegilla dawsoni, an example of a species with non-overlapping generations