This paper examines the economic growth effects of limited availability of higher education in a simple endogenous growth model with overlapping generations. With limited availability, the scarcity of human capital keeps its price high and distributes a larger share of the aggregate output to...

Using an overlapping generations model, this note shows that an improvement in the effciency of human capital production decreases the net income of the young household while increasing that of the old. Without compensating redistribution, it deteriorates lifetime utilities of all generations...

In this paper, we examine the effects of introducing constraints on government borrowing using a continuous-time overlapping generations model of a small open economy. We consider government placing constraints on the amount of government bonds outstanding by establishing an upper limit, or...