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Growth and Bubbles with Consumption Externalities

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Author Info
Kazuo Mino () (Graduate School of Economics, Osaka University)

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Abstract

This 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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File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/0707.pdf
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Publisher Info
Paper 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.

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Length: 32 pages
Date of creation: Feb 2007
Date of revision:
Handle: RePEc:osk:wpaper:0707

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Web page: http://www.econ.osaka-u.ac.jp/
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Related research
Keywords: Consumption Externalities; Overlapping Generations; Long-run Growth; Asset Bubbles.;

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Find related papers by JEL classification:
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

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  1. 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. [Downloadable!]
  2. 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). [Downloadable!]
  3. Masako Ikefuji & Kazuo Mino, 2009. "Internal vs. External Habit Formation in a Growing Economy with Overlapping Generations," ISER Discussion Paper 0750, Institute of Social and Economic Research, Osaka University. [Downloadable!]
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