Showing 1 - 10 of 4,086
We incorporate Keeping-up-with-the-Joneses (KUJ) preferences into the Blanchard-Yaari (BY) framework and develop, using an AK technology, a model of balanced growth. In this context we investigate status preference, demographic, and pension policy shocks. We find that a higher degree of KUJ...
Persistent link: https://www.econbiz.de/10003790968
Persistent link: https://www.econbiz.de/10003499558
The optimal mix of growth policies is determined within a comprehensive endogenous growth model. The analysis captures important elements of the tax-transfer system and accounts for transitional dynamics. Currently, for calculating corporate taxable income US firms are allowed to deduct...
Persistent link: https://www.econbiz.de/10003977338
In an interesting and influential paper Robert Lucas (1993) considering the experience of East Asian small economies, suggests that 'on the job' learning could be the principal engine of their miraculous growth in the last 20 years. In this paper I develop an overlapping generation model where...
Persistent link: https://www.econbiz.de/10009781714
There is growing interest in multi-sector models that combine aggregate balanced growth, consistent with the well-known Kaldor facts, with systematic changes in the sectoral allocation of resources, consistent with the Kuznets facts. Although variations in the income elasticity of demand across...
Persistent link: https://www.econbiz.de/10011482690
This paper studies structural change in production networks for intermediate inputs (input-output network) and new capital (investment network). For each network, we document a declining fraction of production by goods sectors and a rising fraction of production by services sectors. We develop a...
Persistent link: https://www.econbiz.de/10014285534
Evidence for the United States suggests balanced growth despite falling investment-good prices and less than unitary elasticity of substitution between capital and labor. This is inconsistent with the Uzawa Growth Theorem. We extend Uzawa.s theorem to show that introducing human capital...
Persistent link: https://www.econbiz.de/10011434429
Discounting has to take account of ecosystem services in consumption and production. Previous literature focuses on the first aspect and shows the importance of the relative price effect, for given growth rates of consumption and ecosystem services. This paper focuses on intermediate ecosystem...
Persistent link: https://www.econbiz.de/10011973962
In this paper we show that we can replace the assumption of constant discount rate in the onesector optimal growth model with the assumption of decreasing marginal impatience without losing major properties of the model. In particular, we show that the steady state exists, is unique, and has a...
Persistent link: https://www.econbiz.de/10002523969
This paper investigates whether a "Golden Rule" of regulation of an infectious disease may be elicited that balances the economic control and disease costs when the arrival of a future vaccine or a cure is uncertain. Formulating an optimal control problem applied to standard compartment models...
Persistent link: https://www.econbiz.de/10012888447