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Vintage Human Capital, Demographic Trends and Endogenous Growth

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  • Boucekkine, Raouf

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

  • de la Croix, David

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES) ; Belgian National Fund for Scientific Research (FNRS))

  • Licandro, Omar

    (FEDEA, Spain)

Abstract

We study how economic growth is affected by demographics in an overlapping generations model with a realistic survival law. Individuals optimally chose the dates at which they leave school to enter the labor market and at which they retire. Endogenous growth arises thanks to the accumulation of generation-specific human capital. Favorable shifts in the survival probabilities always induce longer schooling and later retirement but have an ambiguous effect on growth. The relationship between the growth of population and per-capita growth is hump-shaped. Increases in longevity can be responsible for a switch from a no-growth regime to a sustained growth regime and for a positive relationship between fertility and growth to vanish.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 2000007.

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Length: 30
Date of creation: 01 Feb 2000
Date of revision:
Handle: RePEc:ctl:louvir:2000007

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Keywords: Human capital; longevity; fertility; growth; schooling;

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  1. Oded GALOR & Oded STARK, 1993. "Life Expectancy, Human Capital Formation, and Per-Capita Income," Vienna Economics Papers, University of Vienna, Department of Economics vie9305, University of Vienna, Department of Economics.
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  5. Kingston, G, 1997. "Efficient Timing of Retirement," Papers, New South Wales - School of Economics 97/01, New South Wales - School of Economics.
  6. Raouf Boucekkine & Fernando del Río & Omar Licandro, . "Endogenous vs Exogenously Driven Fluctuations in Vintage Capital Models," Working Papers 98-19, FEDEA.
  7. Chari, V V & Hopenhayn, Hugo, 1991. "Vintage Human Capital, Growth, and the Diffusion of New Technology," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 99(6), pages 1142-65, December.
  8. Boucekkine, Raouf & del Rio, Fernando & Licandro, Omar, 1999. "Endogenous vs Exogenously Driven Fluctuations in Vintage Capital Models," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales), Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) 1999007, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  9. de la Croix, David & Licandro, Omar, 1999. "Life expectancy and endogenous growth," Economics Letters, Elsevier, Elsevier, vol. 65(2), pages 255-263, November.
  10. Fogel, Robert W, 1994. "Economic Growth, Population Theory, and Physiology: The Bearing of Long-Term Processes on the Making of Economic Policy," American Economic Review, American Economic Association, American Economic Association, vol. 84(3), pages 369-95, June.
  11. Holger Strulik, 1997. "Learning-by-doing, population pressure, and the theory of demographic transition," Journal of Population Economics, Springer, Springer, vol. 10(3), pages 285-298.
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  14. Boucekkine, R. & Germain, M. & Licandro, O., . "Replacement echoes in the vintage capital growth model," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1275, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  15. Ram, Rati & Schultz, Theodore W, 1979. "Life Span, Health, Savings, and Productivity," Economic Development and Cultural Change, University of Chicago Press, vol. 27(3), pages 399-421, April.
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  20. Keith Blackburn & Giam Pietro Cipriani, 1998. "Endogenous fertility, mortality and growth," Journal of Population Economics, Springer, Springer, vol. 11(4), pages 517-534.
  21. David de la Croix & Omar Licandro, . "Life expectancy and endogenous growth," Working Papers 97-23, FEDEA.
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  25. repec:wop:syecwp:9903 is not listed on IDEAS
  26. David N. Weil & Oded Galor, 2000. "Population, Technology, and Growth: From Malthusian Stagnation to the Demographic Transition and Beyond," American Economic Review, American Economic Association, American Economic Association, vol. 90(4), pages 806-828, September.
  27. Raouf Boucekkine & Marc Germain & Omar Licandro, . "Replacement echoes in the vintage capital growth model," Working Papers 96-16, FEDEA.
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