We study the effects of pension reform in a four-period OLG model for an open economy where hours worked by three active generations, education of the young, the retirement decision of older workers, and aggregate per capita growth, are endogenous. Next to the characteristics of the pension...

We propose an endogenous growth model of a decentralized economy subject to environmental constraints. In a basic version, we consider an economy where final production requires some material input and where research activities allow simultaneously productive firms to reduce the dependency of...

This paper considers a multi-sectoral endogenous growth model, that reproduces the essental aspects of an ‘ICT-based economy’, in which a central role is played by human capital accumulation. Indeed, households also invest in human capital through schooling, and this turns out to be the...

In this paper, we investigate the role of the components of demographic change on economic development. Population growth has both positive and negative effects on income growth. Kelley and Schmidt (1995) states that high birth rates are costly in terms of growth but this effect can be offset by...

This paper analyzes the equilibrium dynamics of an AK-type endogenous growth model with vintage capital. The inclusion of vintage capital leads to oscillatory dynamics governed by replacement echoes, which additionally influence the intercept of the balanced growth path. These features, which...

Blanchard’s (1985) model is modified to build an OLG model with an increasing probability of death, endogenous growth and a bequest motive. The motivation is to obtain a more rich, realistic and flexible framework to reproduce -using numerical methods- some stylised facts of the age-profiles...

We introduce an efficiency-wage mechanism into an innovation-driven growth model. Due to informational problems, the labour market is segmented and homogeneous workers may be employed either in a non-competitive intermediate sector or in a competitive research one. We analyse the impact that...

We present an overlapping generations model with endogenous growth in which children inherit from the previous generation human capital and life standard aspirations. Adults evaluate their own consumption with respect to a baseline requirement which depends on their parents past consumption. The...

This paper studies the conditions under which an IT revolution may endogenously occur. To this end, we construct an endogenous growth multisectoral model with a preeminent IT sector. Technological progress is embodied : New softwares can only be run on the most recent generations and hardware....

Using a vertical differentiation model of endogenous growth with stochastic R&D activity, we characterize the optimal patent life-time the government would set in order to maximize economic growth. We show that a finite patent life-time does exist and is unique provided that the expected rate of...