Endogenous Growth, Human Capital, and Bequests in a Life-Cycle Model
AbstractThis paper investigates the relationship between growth and efficiency in an overlapping generations economy in which altruistic parents endow their children with human capital (education) and leave physical bequests. The author gives conditions under which the physical bequest motive is not operative in a balanced equilibrium when human capital exhibits externalities. He also shows that the efficient rate of growth is lower than the competitive one if the economy is bequest-constrained and externalities from education are not very strong. Some fiscal policy experiments are performed for both bequest-constrained economies and unconstrained ones. Copyright 1995 by Royal Economic Society.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 47 (1995)
Issue (Month): 1 (January)
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Other versions of this item:
- Caballe, J., 1991. "Endogeneous Growth, Human Capital and Bequests in a Life-Cycle Model," UFAE and IAE Working Papers 158.91, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
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- Jaime Alonso-Carrera & Jordi Caballé & Xavier Raurich, 2007.
"Aspirations, Habit Formation, and Bequest Motive,"
Royal Economic Society, vol. 117(520), pages 813-836, 04.
- Jaime Alonso-Carrera & Jordi Caballe & Xavier Raurich, 2004. "Aspirations, Habit Formation, and Bequest Motive," Working Papers 136, Barcelona Graduate School of Economics.
- Jaime Alonso-Carrera & Jordi Caballé & Xavier Raurich, 2004. "Aspirations, Habit Formation, and Bequest Motive," UFAE and IAE Working Papers 641.04, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Alfredo Cuevas, 2001. "Short-and Long-Term Poverty and Social Policy in a "Snakes and Ladders" Model of Growth," IMF Working Papers 01/172, International Monetary Fund.
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Cambridge Working Papers in Economics
9809, Faculty of Economics, University of Cambridge.
- Philippe Michel & Jean-Pierre Vidal, 2000. "Economic integration and growth under intergenerational financing of human-capital formation," Journal of Economics, Springer, vol. 72(3), pages 275-294, October.
- Michel, P. & Vidal, J.-P., 1999. "Economic Integration and Growth under Intergenerational Financing of Human Capital Formation," G.R.E.Q.A.M. 99a55, Universite Aix-Marseille III.
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Working Paper Series
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- Katarina Nordblom, 2001. "Within-the-family education and its impact on equality," Public Economics 0105004, EconWPA.
- Nordblom, K., 2001. "Within-the-Family Education and Its Impact on Equality," Papers 2001:06, Uppsala - Working Paper Series.
- Rebelein, Robert P., 2005. "Intergenerational Strategic Behavior and Crowding Out in a General Equilibrium Model," Vassar College Department of Economics Working Paper Series 74, Vassar College Department of Economics.
- Lambrecht, Stéphane & Michel, Philippe & Vidal, Jean-Pierre, 2001.
"Public pensions and growth,"
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- Julio López Díaz & Zenón J. Ridruejo, 2003. "Pensiones, crecimiento y envejecimiento de la población," Investigaciones Economicas, Fundación SEPI, vol. 27(2), pages 343-367, May.
- William G. Gale & Joel B. Slemrod, 2001. "Rethinking the Estate and Gift Tax: Overview," NBER Working Papers 8205, National Bureau of Economic Research, Inc.
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