A Theory of Economic Growth
Dynamics and Policy in Overlapping Generations

'The overlapping generations model and the infinitely lived or dynastic model are the two workhorses of modern macroeconomics. De La Croix and Michel have written a wonderfully accessible graduate textbook on the overlapping generations model. They carefully take students through essentially every variant of the model, prove a large number of known results, and offer a few new ones as well. This book is an essential addition as a teaching tool and an invaluable reference on every economist's shelf.' V. V. Chari, University of Minnesota

'In recent decades overlapping generation models have become a central framework of analysis in the research of economic growth. The authors present a comprehensive and lucid exposition of the dynamic structure of the basic overlapping generation features with production. Highly recommended for researchers and graduate students in the fields of growth theory and dynamic macroeconomics.' Oded Galor, Brown University

'Some of the most hotly debated government policies are those that involve redistribution across generations, such as social security and public education. De la Croix and Michel provide a manual of economic tools for evaluating these sorts of policies based on simple overlapping generations models. Their presentation of these models strives to combine applicability for policy analysis with a solid foundation in dynamic general equilibrium theory. Their book should be of use to economists from the level of advanced undergraduate students to researchers and teachers.' Timothy J. Kehoe, University of Minnesota and Federal Reserve Bank of Minneapolis

'David de la Croix and Philippe Michel have written the definitive what's what study of economic growth and policy in the life-cycle growth model. Their book is a treasure for serious economists, both young and old.' Laurence J. Kotlikoff, Boston University

'The overlapping generations model is a cornerstone of contemporary economic theory. De la Croix and Michel provide the first comprehensive textbook devoted to the analysis of these models. The book will be of considerable use to economists studying demographical economics, intergenerational fiscal policies, or more generally any issue related to long-run growth.' Gilles Saint-Paul, Université des Sciences Sociales de Toulouse

'… an excellent introduction to an essential tool in economics …' Journal of Economics