[olg] Editorial Suggestions

[HumphreyYang]

Comments by @longye-tian.

Code

• [ ] Combine the two graphs showing equilibrium. (Delete the first plot and leave the one with the equilibrium point.
• [x] x = 1000 -> n = 1000
• [x] Vectorize

k_grid_next = np.empty_like(k_grid)

for i in range(x):
    k_grid_next[i] = k_update(k_grid[i], α, β)

• [x] Add y label for plot in 24.6.3
• [x] Remove these duplicated lines

R_vals = np.linspace(0.3, 1)
model = create_olg_model()

Content

• [ ] Add a comparison to the Solow-Swan growth model.
• [x] 'Long run growth' -> 'Long-run growth'.
• [ ] Explain the Euler equation and give economic intuition.
• [x] firm problem -> firm's problem.
• [x] factor price $\times$ factor ( \max_{k_t, \ell_t} \{ k^{\alpha}_t \ell_t^{1-\alpha} - R_t k_t - \ell_t w_t \} to \max_{k_t, \ell_t} \{ k^{\alpha}_t \ell_t^{1-\alpha} - R_t k_t - w_t \ell_t \}.
• [ ] Add assumption for labor market clearing condition to get $\ell = 1$.
• [x] 'interest rate' -> 'gross interest rate'.
• [ ] Recalibrate the model to get an interest rate > 0.
• [x] '45 degree' -> '45-degree'.
• [ ] Add an explanation on CRRA (add a sentence: as $\gamma \to 1$ this becomes a log utility).
• [ ] Lecture on Ponzi scheme and OLG? @longye-tian for more details.