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Policy reforms and growth in computable OLG economies

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  • BOUZAHZAH, Mohamed
  • DE LA CROIX, David
  • DOCQUIER, Frédéric

Abstract

We build a computable general equilibrium model with overlapping generations of agents and an endogenous growth specification à la Lucas. Two main issues are addressed: (i) to what extent does endogenous growth play a significant role in the face of policy reform and (ii) are the simulation results robust to various calibrations of the production function of human capital. In this purpose, we simulate four large policy changes and compare the predictions with endogenous growth (under various parameter sets) to those with exogenous growth. If endogenous growth is important when examining the effects of education reform, it does not really matter with pension reforms and plays a minor role in the debt repayment scenario. These results are very robust to calibration.

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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 RP with number -1669.

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Handle: RePEc:cor:louvrp:-1669

Note: In : Journal of Economic Dynamics & Control, 26, 2093-2113, 2002
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  1. Nancy L. Stokey & Sergio Rebelo, 1993. "Growth Effects of Flat-Rate Taxes," NBER Working Papers 4426, National Bureau of Economic Research, Inc.
  2. Broer, D Peter & Westerhout, Ed W M T & Bovenberg, A Lans, 1994. " Taxation, Pensions and Saving in a Small Open Economy," Scandinavian Journal of Economics, Wiley Blackwell, vol. 96(3), pages 403-24.
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  13. Lucas, Robert E, Jr, 1990. "Supply-Side Economics: An Analytical Review," Oxford Economic Papers, Oxford University Press, vol. 42(2), pages 293-316, April.
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  15. Hendricks, Lutz, 1999. "Taxation and long-run growth1," Journal of Monetary Economics, Elsevier, vol. 43(2), pages 411-434, April.
  16. Juillard, Michel, 1996. "Dynare : a program for the resolution and simulation of dynamic models with forward variables through the use of a relaxation algorithm," CEPREMAP Working Papers (Couverture Orange) 9602, CEPREMAP.
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