Fertility Choice and Semi-Endogenous Growth: Where Becker Meets Jones
We introduce fertility choice into an R&D-based semi-endogenous growth model so that the economy's long-run growth rate is again fully endogenously determined. The ultimate growth engine is located in the population equation of the model ("people reproduce in proportion to their number"), and R&D carries population growth forward to GDP growth. We indicate the problems stemming from the fact that in the considered class of models, population size ought to enter the utility functional multiplicatively. In particular, we show that second order optimality conditions need not hold and flow utility is required to be positive (levels of utility matter). A simplified "BarroBeckerJones" model which we put forward, reconciles these problems, yields a stable long-run fertility rate and thus an asymptotic BGP, and is open to further generalizations.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 6 (2006)
Issue (Month): 2 (September)
|Contact details of provider:|| Web page: http://www.degruyter.com|
|Order Information:||Web: http://www.degruyter.com/view/j/bejm|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Carlo Favero, 2005.
"Consumption, Wealth, the Elasticity of Intertemporal Substitution and Long-Run Stock Market Returns,"
291, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Favero, Carlo A., 2005. "Consumption, Wealth, the Elasticity of Intertemporal Substitution and Long-Run Stock Market Returns," CEPR Discussion Papers 5110, C.E.P.R. Discussion Papers.
- Barro, R.J. & Becker, G.S., 1988.
"Fertility Choice In A Model Of Economic Growth,"
University of Chicago - Economics Research Center
88-8, Chicago - Economics Research Center.
- Robert J. Barro & Gary S. Becker, . "Fertility Choice in a Model of Economic Growth," University of Chicago - Population Research Center 88-8, Chicago - Population Research Center.
- Taiji Harashima, 2005. "An Estimate of the Elasticity of Intertemporal Substitution in a Production Economy," Macroeconomics 0508030, EconWPA.
- Alwyn Young, 1998. "Growth without Scale Effects," Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 41-63, February.
- Charles I. Jones, 1999.
"Was an Industrial Revolution Inevitable? Economic Growth Over the Very Long Run,"
NBER Working Papers
7375, National Bureau of Economic Research, Inc.
- Jones Charles I., 2001. "Was an Industrial Revolution Inevitable? Economic Growth Over the Very Long Run," The B.E. Journal of Macroeconomics, De Gruyter, vol. 1(2), pages 1-45, August.
- Charles I. Jones, . "Was an Industrial Revolution Inevitable? Economic Growth Over the Very Long Run," Working Papers 99008, Stanford University, Department of Economics.
- Holger Strulik, 2001.
"The Role of Human Capital and Population Growth in R&D-Based Models of Economic Growth,"
Quantitative Macroeconomics Working Papers
20109, Hamburg University, Department of Economics.
- Holger Strulik, 2005. "The Role of Human Capital and Population Growth in R&D-based Models of Economic Growth," Review of International Economics, Wiley Blackwell, vol. 13(1), pages 129-145, 02.
- Strulik, Holger, 2002. "The Role of Human Capital and Population Growth in R&D-Based Models of Economic Growth," Royal Economic Society Annual Conference 2002 170, Royal Economic Society.
- Connolly, Michelle & Peretto, Pietro F, 2003. "Industry and the Family: Two Engines of Growth," Journal of Economic Growth, Springer, vol. 8(1), pages 115-48, March.
- Beaudry, Paul & van Wincoop, Eric, 1996. "The Intertemporal Elasticity of Substitution: An Exploration Using a US Panel of State Data," Economica, London School of Economics and Political Science, vol. 63(251), pages 495-512, August.
When requesting a correction, please mention this item's handle: RePEc:bpj:bejmac:v:topics.6:y:2006:i:2:n:10. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peter Golla)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.