This paper shows that Barro's (1974) debt neutrliaty theorem does not hold in OLG economies whenever the marginal rate of substitution between both periods' consumptions evaluated at the modified golden rule capital stock is lower that the degree of intergenerational altruism. It could be deduced from this result that an increase in the degree of altruism induces an increase in bequests.
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Paper provided by Universite Aix-Marseille III in its series G.R.E.Q.A.M. with number
99a43.
Length: 9 pages Date of creation: 1999 Date of revision: Handle: RePEc:fth:aixmeq:99a43
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Find related papers by JEL classification: C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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