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Demographic Transition in the Ramsey Model: Do Country-Specific Features Matter? ∗

The paper modifies the Ramsey model to take demographic transition into account. The non-linear discount factor problem is solved in virtual time. The model may have multiple steady states. Family planning programs may be important in solving indeterminacy in the model. The transitional dynamics of the model show that economic growth fluctuates along with demographic growth. Country-specific features of transition determine the intensity of the fluctuation.