The dynamics of bequeathed tastes
If children inherit life standard aspirations from their parents, their savings are affected and cycles may appear in OLG models with production. At some point of an expansion, aspirations grow faster than wages, savings decrease, and a contraction begins.
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- Cremer, Helmuth & Pestieau, Pierre, 1993.
"Education for Attention: A Nash Bargaining Solution to the Bequest-as-Exchange Model,"
Public Finance = Finances publiques,
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- Costas Azariadis & Allan Drazen, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, Oxford University Press, vol. 105(2), pages 501-526. Full references (including those not matched with items on IDEAS)
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