The Effects of a Baby Boom on Stock Prices and Capital Accumulation in the Presence of Social Security
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Is the stock market boom a result of the baby boom? This paper develops an overlapping generations model in which a baby boom is modeled as a high realization of a random birth rate, and the price of capital is determined endogenously by a convex cost of adjustment. A baby boom increases national
股市繁荣是否源于婴儿潮？本文构建了世代交叠模型（overlapping generations model），其中将婴儿潮建模为随机出生率的较高实现值，且资本价格由凸调整成本内生决定。婴儿潮将提升国民
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美国国家经济研究局创建时间：
2002-09-01
