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Minimum Consumption Requirements: Theoretical And Quantitative Implications For Growth And Distribution

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Author Info
Chatterjee, Satyajit
Ravikumar, B.

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Abstract

We study the impact of a minimum consumption requirement on the rate ofeconomic growth and the evolution of wealth distribution. The requirementintroduces a positive dependence between the intertemporal elasticity ofsubstitution and household wealth. This dependence implies a transitionphase during which the growth rate of per-capita quantities rise towardtheir steady-state values and the distributions of wealth, consumption, andpermanent income become more unequal. We calibrate the minimum consumptionrequirement to match estimates available for a sample of Indian villagersand find that these transitional effects are quantitatively significant anddepend importantly on the economy s steady-state growth rate.

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Publisher Info
Article provided by Cambridge University Press in its journal Macroeconomic Dynamics.

Volume (Year): 3 (1999)
Issue (Month): 04 (December)
Pages: 482-505
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Handle: RePEc:cup:macdyn:v:3:y:1999:i:04:p:482-505_01

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  2. Giuseppe Ferraguto & Patrizio Pagano, 2003. "Endogenous Growth with Intertemporally Dependent Preferences," Contributions to Macroeconomics, Berkeley Electronic Press, vol. 3(1), pages 1128-1128. [Downloadable!] (restricted)
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  3. Aubhik Khan & B. Ravikumar, 2000. "Costly technology adoption and capital accumulation," Working Papers 00-7, Federal Reserve Bank of Philadelphia. [Downloadable!]
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  4. María J. Álvarez & Antonia Díaz, 2001. "Minimum Consumption And Transitional Dynamics In Wealth Distribution," Economics Working Papers we015013, Universidad Carlos III, Departamento de Economía. [Downloadable!]
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  5. Theodore Palivos & Chong K. Yip, 2007. "Illegal immigration in a heterogeneous society," Discussion Paper Series 2007_02, Department of Economics, University of Macedonia, revised Dec 2007. [Downloadable!]
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  6. Vincent Martinet, 2007. "Maximizing minimal rights for sustainability: a viability approach," EconomiX Working Papers 2007-20, University of Paris West - Nanterre la Défense, EconomiX. [Downloadable!]
  7. Donald S. Allen & Leonce Ndikumana, 1999. "Income inequality and minimum consumption: implications for growth," Working Papers 1999-013, Federal Reserve Bank of St. Louis. [Downloadable!]
  8. Gomes, Orlando, 2007. "Stability analysis in a monetary model with a varying intertemporal elasticity of substitution," MPRA Paper 2890, University Library of Munich, Germany. [Downloadable!]
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  9. Ana Fernandes & Krishna B. Kumar, 2003. "Inappropriate Technology," Development and Comp Systems 0304003, EconWPA. [Downloadable!]
  10. Maria Jose Alvarez & Antonia Diaz, . "Minimum consuption, transitional dynamics ana the kuznets curve," Working Papers 2000-03, FEDEA. [Downloadable!]
  11. Marco Espinosa-Vega & Richard C. Barnett, 2005. "Barriers to Capital Accumulation and the Incidence of Child Labor," IMF Working Papers 05/220, International Monetary Fund. [Downloadable!]
  12. Nir, A., 2004. "A behavioral model of consumption patterns : the effects of cognitive dissonance and conformity," Discussion Paper 48, Tilburg University, Center for Economic Research. [Downloadable!]
  13. Yoshiyasu Ono & Akihisa Shibata, 2006. "Capital Income Taxation and Specialization Patterns: Investment Tax vs. Saving Tax," KIER Working Papers 613, Kyoto University, Institute of Economic Research. [Downloadable!]
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  14. Masao Ogaki & Qiang Zhang, 2000. "Risk Sharing in Village India: the Rule of Decreasing Relative Risk Aversion," Working Papers 00-02, Ohio State University, Department of Economics. [Downloadable!]
  15. Tesfatsion, Leigh S., 2005. "Agent-Based Computational Modeling And Macroeconomics," Staff General Research Papers 12402, Iowa State University, Department of Economics. [Downloadable!]
  16. Francesc Obiols-Homs & Carlos Urrutia, 2004. "Transitional Dynamics and the Distribution of Assets," Macroeconomics 0407020, EconWPA. [Downloadable!]
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