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Asset Accumulation, Fertility Choice and Nondegenerate Dynamics in a Small Open Economy Author info | Abstract | Publisher info | Download info | Related research | Statistics Alberto Petrucci (Università del Molise and LUISS G. Carli)
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This paper shows that the assumption of elastic fertility choices represents an unconsidered way of introducing nondegenerate dynamics within an immortal small open economy, facing perfect capital mobility and no adjustment costs associated with capital accumulation, and having a fixed discount rate. The transient dynamics are obtained since fertility, which enters the Euler equation, renders the growth of the marginal utility of wealth strictly interconnected with wealth accumulation. The comparative dynamics are studied for two exogenous shocks: an increase in thrift, which changes fertility and capital formation permanently, and an increase in government spending, which alters fertility and capital stock temporarily.
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Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number
2004.121.
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Date of creation: Oct 2004Date of revision:
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Keywords: Endogenous population Capital accumulation Current account Transitional dynamics Other versions of this item:
Find related papers by JEL classification: E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy H22 - Public Economics - - Taxation, Subsidies, and Revenue - - - Incidence
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