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Birth, Death, and Dynamic Inefficiency in an Endogenous Growth Model

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  • James Kahn
  • Jong-Soo Lim
  • Changyong Rhee
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    Abstract

    This paper builds a finite horizon endogenous growth model by incorporating Lucas' (1988) human capital model into an uncertain lifetime framework a la Buiter (1988). Our finite horizon model has different policy implication from infinite horizon models. For example, a non-positive link between capital income taxation and economic growth in infinite horizon models does not hold in our finite horizon model. Also, our finite horizon model shows that the short-run macro management policy which has only the level effect in infinite horizon models can affect the long-run economic growth. [O4]

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal International Economic Journal.

    Volume (Year): 11 (1997)
    Issue (Month): 3 ()
    Pages: 85-102

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    Handle: RePEc:taf:intecj:v:11:y:1997:i:3:p:85-102

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    1. Cass, David, 1972. "On capital overaccumulation in the aggregative, neoclassical model of economic growth: A complete characterization," Journal of Economic Theory, Elsevier, vol. 4(2), pages 200-223, April.
    2. Olivier J. Blanchard, 1984. "Debt, Deficits and Finite Horizons," NBER Working Papers 1389, National Bureau of Economic Research, Inc.
    3. Sergio T. Rebelo, 1990. "Long Run Policy Analysis and Long Run Growth," NBER Working Papers 3325, National Bureau of Economic Research, Inc.
    4. Christophe Chamley, 1980. "The Welfare Cost of Capital Income Taxation in a Growing Economy," Cowles Foundation Discussion Papers 553, Cowles Foundation for Research in Economics, Yale University.
    5. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
    6. Buiter, Willem H, 1988. "Death, Birth, Productivity Growth and Debt Neutrality," Economic Journal, Royal Economic Society, vol. 98(391), pages 279-93, June.
    7. Larry E. Jones & Rodolfo E. Manuelli, 1990. "Finite Lifetimes and Growth," NBER Working Papers 3469, National Bureau of Economic Research, Inc.
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