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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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File URL: http://dx.doi.org/10.1016/S0165-1889(01)00023-9
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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. Miles, David, 1999. "Modelling the Impact of Demographic Change upon the Economy," Economic Journal, Royal Economic Society, vol. 109(452), pages 1-36, January.
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  10. Hendricks, Lutz A., 1999. "Taxation and Long-Run Growth," Staff General Research Papers 11933, Iowa State University, Department of Economics.
  11. Jones, Larry E & Manuelli, Rodolfo E & Rossi, Peter E, 1993. "Optimal Taxation in Models of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 101(3), pages 485-517, June.
  12. Broer, D.P. & Westerhout, E.W.M.T. & Bovenberg, A.L., 1994. "Taxation, pension and saving in a small open economy," Open Access publications from Tilburg University urn:nbn:nl:ui:12-148754, Tilburg University.
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