effects of the consumption externality on the propensity to consume, capital level and individual consumption growth rates are … labor supply. Depending on the sign of the GRE, in case of a production externality, the consumption externality may raise …

externality. In contrast to representative agent economies, the consumption externality generally a?ects steady state savings and … growth rates. The nature of the externality’s impact, however, critically depends on the rate at which labor productivity … externality lowers the steady state propensity to consume out of total wealth. The opposite holds for a constant labor …

of the consumption externality on the propensity to consume, capital level and individual consumption growth rates are … supply. Depending on the sign of the GRE, in case of a production externality, the consumption externality may raise …

externality. In contrast to representative agent economies, the consumption externality generally affects steady state savings and … growth rates. The nature of the externality's impact, however, critically depends on the rate at which labor productivity … externality lowers the steady state propensity to consume out of total wealth. The opposite holds for a constant labor …

externality. In contrast to representative agent economies, the consumption externality generally a?ects steady state savings and … growth rates. The nature of the externality’s impact, however, critically depends on the rate at which labor productivity … externality lowers the steady state propensity to consume out of total wealth. The opposite holds for a constant labor …

externality. In contrast to representative agent economies, the consumption externality generally a?ects steady state savings and … growth rates. The nature of the externality’s impact, however, critically depends on the rate at which labor productivity … externality lowers the steady state propensity to consume out of total wealth. The opposite holds for a constant labor …

future generations. -- social optimum ; pension systems ; risk sharing ; overlapping generations. …