Growth and Bubbles with Consumption Externalities
AbstractThis paper explores the role of consumption externalities in an overlapping generations economy with capital accumulation. If consumers in each generation are concerned with other agentsf consumption behaviors, there exist intergenerational as well as intragenerational consumption externalities. It is the presence of intergenreational consumption externalities that may produce fundamental effects both on equilibrium dynamics and on steady-state characterization of the economy. This paper demonstrates this fact in the context of a simple model of endogenously growing, overlapping-generations economy with or without asset bubbles.
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Bibliographic InfoPaper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number 07-07.
Length: 32 pages
Date of creation: Feb 2007
Date of revision:
Consumption Externalities; Overlapping Generations; Long-run Growth; Asset Bubbles.;
Other versions of this item:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-04-09 (All new papers)
- NEP-DGE-2007-04-09 (Dynamic General Equilibrium)
- NEP-MAC-2007-04-09 (Macroeconomics)
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- Kazuo Mino & Yasuhiro Nakamoto, 2008.
"Consumption Externalities and Equilibrium Dynamics with Heterogenous Agents,"
Discussion Papers in Economics and Business
08-30, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
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Discussion Papers in Economics and Business
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2008-040, Keio/Kyoto Joint Global COE Program.
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- Masako Ikefuji & Kazuo Mino, 2009.
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ISER Discussion Paper
0750, Institute of Social and Economic Research, Osaka University.
- Masako Ikefuji & Kazuo Mino, 2009. "Internal vs. External Habit Formation in a Growing Economy with Overlapping Generations," KIER Working Papers 676, Kyoto University, Institute of Economic Research.
- Kazuo Mino & Yasuhiro Nakamoto, 2009. "Consumption Externalities and Wealth Distribution in a Neoclassical Growth Model," KIER Working Papers 683, Kyoto University, Institute of Economic Research.
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