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Optimal Saving, Interest Rates, and Endogenous Growth

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  • Gylfason, Thorvaldur

Abstract

The apparent failure of economists thus far to establish a positive empirical link between interest rates and saving does not, by itself, discredit the hypothesis of a direct structural relationship between the two, ceteris paribus. This structural relationship may be shifting about in response to changes in exogenous variables, such as tastes and technology, in a way that is consistent with any type of reduced-form correlation between interest rates and saving in the data. This point is demonstrated within a simple model of optimal saving, interest rates, and economic growth. The different implications of endogenous versus exogenous growth are explored in this context. Copyright 1993 by The editors of the Scandinavian Journal of Economics.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

Volume (Year): 95 (1993)
Issue (Month): 4 (December)
Pages: 517-33

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Handle: RePEc:bla:scandj:v:95:y:1993:i:4:p:517-33

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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Cited by:
  1. Yi Wen, 2009. "Saving and growth under borrowing constraints explaining the "high saving rate" puzzle," Working Papers 2009-045, Federal Reserve Bank of St. Louis.
  2. Whitehouse, Edward, 1999. "The tax treatment of funded pensions," Social Protection Discussion Papers 20126, The World Bank.
  3. Marco Runkel & Thomas Eichner, 2010. "Interjurisdictional Spillovers, Decentralized Policymaking and the Elasticity of Capital Supply," FEMM Working Papers 100019, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
  4. Mark H. Robson, 1995. "Taxation and household saving: reflections on the OECD report," Fiscal Studies, Institute for Fiscal Studies, vol. 16(1), pages 38-57, February.
  5. Hatzinikolaou, Dimitris, 1997. "Government spending, taxation of interest, and private saving: An empirical analysis using Greek aggregate data," Journal of Development Economics, Elsevier, vol. 52(2), pages 317-330, April.
  6. Matthias Wrede, 1995. "Tax evasion and growth," Finnish Economic Papers, Finnish Economic Association, vol. 8(2), pages 82-90, Autumn.
  7. Sebastian Edwards, 1995. "Why are Saving Rates so Different Across Countries?: An International Comparative Analysis," NBER Working Papers 5097, National Bureau of Economic Research, Inc.

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