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Biased Technological Change, Impatience and Welfare

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  • Laura Liliana Moreno Herrera
  • Jorge Eduardo Pérez Pérez

Abstract

In this paper we use an OLG model where agents are heterogeneous within each generation, differing in their impatience rate. We show that the effects of a capital-using technological change are not symmetric between agents and can cause a reduction in consumption. The asymmetry in impatience rates has consequences on the benefits derived from technological change for further generations. Lower impatience rates lead to higher capital levels, and to higher levels of consumption provided that the economy has enough capital per capita.

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Bibliographic Info

Paper provided by DEGIT, Dynamics, Economic Growth, and International Trade in its series DEGIT Conference Papers with number c014_046.

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Length: 17 pages
Date of creation: Jun 2009
Date of revision:
Handle: RePEc:deg:conpap:c014_046

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Related research

Keywords: Biased Technological Change; Social Welfare; Overlapping Generations;

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References

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  1. Peretto, Pietro F. & Seater, John J., 2013. "Factor-eliminating technical change," Journal of Monetary Economics, Elsevier, vol. 60(4), pages 459-473.
  2. Daron Acemoglu, 2001. "Directed Technical Change," NBER Working Papers 8287, National Bureau of Economic Research, Inc.
  3. Hernando Zuleta, 2007. "An empirical note on factor shares," DOCUMENTOS DE TRABAJO 004363, UNIVERSIDAD DEL ROSARIO.
  4. Francesco Caselli, 2007. "The Marginal Product of Capital," The Quarterly Journal of Economics, MIT Press, vol. 122(2), pages 535-568, 05.
  5. Hernando Zuleta, 2006. "Factor saving innovations and factor income shares," DOCUMENTOS DE TRABAJO 002706, UNIVERSIDAD DEL ROSARIO.
  6. Bertola, Giuseppe, 1996. "Factor shares in OLG models of growth," European Economic Review, Elsevier, vol. 40(8), pages 1541-1560, November.
  7. Bertola, Giuseppe, 1993. "Factor Shares and Savings in Endogenous Growth," American Economic Review, American Economic Association, vol. 83(5), pages 1184-98, December.
  8. Hernando Zuleta & Santiago Alberico, 2007. "Labor supply, biased technological change and economic growth," DOCUMENTOS DE TRABAJO 003104, UNIVERSIDAD DEL ROSARIO.
  9. Zeira, Joseph, 1995. "Workers, Machines and Economic Growth," CEPR Discussion Papers 1139, C.E.P.R. Discussion Papers.
  10. Kennedy, Charles, 1973. "A Generalisation of the Theory of Induced Bias in Technical Progress," Economic Journal, Royal Economic Society, vol. 83(329), pages 48-57, March.
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