In this paper, we analyze the effects of population aging on economic growth and the environment in a two-period overlapping generations model of growth, aging, and the environment. We show that aging may be beneficial to economic growth and the environment under perfect annuitisation, while possibly harmful under imperfect annuitisation. We also discuss the implications of our results for environmental policy in an aging economy.JEL Classification: J10, J14, O10, D62, D90.

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This paper studies a stationary, pure exchange overlapping generations model with a particular kind of randomly generated pairwise trading pattern. This model, in contrast to the usual overlapping generations models, has the following implications. As regards existence, it is shown that a standard boundary condition on preferences is sufficient to imply the existence of a stationary monetary equilibrium. As regards properties of the equilibrium, for some specifications, my model has a stationary equilibrium in which claims bear a higher rate of return than fiat money. It is also proved that this stationary equilibrium is conditionally Pareto optimal.

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