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Education Subsidies and Endogenous Growth : Implications of Demographic Shocks

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  • DOCQUIER, Frédéric

    (Service des Etudes et de la Statistique, Ministere de la Region Wallonne, Namur)

  • MICHEL, Philippe

    (L.E.Q.A.M., Université d’Aix-Marseille II, France)

Abstract

In this paper we develop a three-period overlapping generations model in which individual decisions about education are the engine of growth. In this setting, it is first shown that an education subsidy combined with a hunJrsum redistribution from adults to retirees makes it possible to reach the optimum in a market context. Then we examine how these transfers should be adjusted in the presence of unexpected natality shocks. Especially, in the case of a " baby boom-baby bust" shock, the sharing of the shock burden requires increased transfers to retirees when the share of elderlies peaks.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 1994052.

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Date of creation: 01 Oct 1994
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Handle: RePEc:cor:louvco:1994052

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Cited by:
  1. DE LA CROIX, David & MICHEL, Philippe, . "Education and growth with endogenous debt constraints," CORE Discussion Papers RP -1991, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. DOCQUIER, Frédéric & PADDISON, Oliver, 2000. "Growth and equality effects of pension plans," CORE Discussion Papers 2000036, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).

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