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Fertility Choice and Semi-Endogenous Growth: Where Becker Meets Jones

  • Growiec Jakub

    ()

    (Warsaw School of Economics; CORE, Catholic University of Louvain)

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 "Barro–Becker–Jones" 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.

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Article provided by De Gruyter in its journal The B.E. Journal of Macroeconomics.

Volume (Year): 6 (2006)
Issue (Month): 2 (September)
Pages: 1-25

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Handle: RePEc:bpj:bejmac:v:topics.6:y:2006:i:2:n:10
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  1. 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.
  2. Barro, Robert J & Becker, Gary S, 1989. "Fertility Choice in a Model of Economic Growth," Econometrica, Econometric Society, vol. 57(2), pages 481-501, March.
  3. 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.
  4. Taiji Harashima, 2005. "An Estimate of the Elasticity of Intertemporal Substitution in a Production Economy," Macroeconomics 0508030, EconWPA.
  5. 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.
  6. 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.
  7. Carlo Favero, 2005. "Consumption, Wealth, the Elasticity of Intertemporal Substitution and Long-Run Stock Market Returns," Working Papers 291, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  8. Alwyn Young, 1998. "Growth without Scale Effects," Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 41-63, February.
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