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Non-neutrality of Debt with Endogenous Fertility

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  • Wildasin, David E

Abstract

This paper examines the impact of government borrowing on the real equilibrium of an economy with intergenerational or dynastic utility miximizers and endogenous fertility. In general, incremental government borrowing reduces fertility. In addition, borrowing may increase per head consumption and lower the aggregate capital stock. At the same time, it may raise the capital/labor ratio and the wage/rental ratio, lower utility per head for the current generation, and raise utility per head of future generations. Identical results obtain for unfunded social security programs. Copyright 1990 by Royal Economic Society.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 42 (1990)
Issue (Month): 2 (April)
Pages: 414-28

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Handle: RePEc:oup:oxecpp:v:42:y:1990:i:2:p:414-28

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Cited by:
  1. Kai(Jackie) Zhao, 2009. "War Debt and the Baby Boom," 2009 Meeting Papers 856, Society for Economic Dynamics.
  2. Kolmar, Martin, 1999. "Optimale Ansiedlung sozialpolitischer Entscheidungskompetenzen in der Europäischen Union," Beiträge zur Finanzwissenschaft, Mohr Siebeck, Tübingen, edition 1, volume 7, number urn:isbn:9783161471254, July.
  3. Zhang, Junxi, 1995. "Does unfunded social security also depress output growth?," Economics Letters, Elsevier, vol. 49(3), pages 307-312, September.
  4. Gary S. Becker & Robert J. Barro, 1986. "A Reformulation of the Economic Theory of Fertility," NBER Working Papers 1793, National Bureau of Economic Research, Inc.
  5. Kolmar, Martin, 2001. " Optimal Intergenerational Redistribution in a Two-Country Model with Endogenous Fertility," Public Choice, Springer, vol. 106(1-2), pages 23-51, January.
  6. Zhang, Jie, 2006. "Second-best public debt with human capital externalities," Journal of Economic Dynamics and Control, Elsevier, vol. 30(2), pages 347-360, February.
  7. Wellisch, Dietmar & Richter, Wolfram F., 1995. "Internalizing intergenerational externalities by regionalization," Regional Science and Urban Economics, Elsevier, vol. 25(6), pages 685-704, December.
  8. Zhang, Jie, 2003. "Optimal debt, endogenous fertility, and human capital externalities in a model with altruistic bequests," Journal of Public Economics, Elsevier, vol. 87(7-8), pages 1825-1835, August.
  9. Ehrlich, Isaac & Lui, Francis, 1997. "The problem of population and growth: A review of the literature from Malthus to contemporary models of endogenous population and endogenous growth," Journal of Economic Dynamics and Control, Elsevier, vol. 21(1), pages 205-242, January.
  10. Koichi Miyazaki, 2013. "Pay-as-you-go social security and endogenous fertility in a neoclassical growth model," Journal of Population Economics, Springer, vol. 26(3), pages 1233-1250, July.
  11. Fanti, Luciano & Spataro, Luca, 2013. "On the relationship between fertility and public national debt," Economic Modelling, Elsevier, vol. 33(C), pages 843-849.
  12. B. Douglas Bernheim, 1988. "Ricardian Equivalence: An Evaluation of Theory and Evidence," NBER Working Papers 2330, National Bureau of Economic Research, Inc.
  13. Jellal, Mohamed & wolff, François charles, 2002. "Insecure old-age security," MPRA Paper 38644, University Library of Munich, Germany.
  14. David Wildasin, 2008. "Public Finance in an Era of Global Demographic Change: Fertility Busts, Migration Booms, and Public Policy," Working Papers 2008-02, University of Kentucky, Institute for Federalism and Intergovernmental Relations.
  15. Cigno, Alessandro & Rosati, Furio C., 1996. "Jointly determined saving and fertility behaviour: Theory, and estimates for Germany, Italy, UK and USA," European Economic Review, Elsevier, vol. 40(8), pages 1561-1589, November.
  16. Zhang, Jie, 1995. "Social security and endogenous growth," Journal of Public Economics, Elsevier, vol. 58(2), pages 185-213, October.

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