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Vintage Human Capital, Demographic Trends, and Endogenous Growth

  • Boucekkine, Raouf
  • de la Croix, David
  • Licandro, Omar

We study how economic growth is affected by demographics in an overlapping generations model with a realistic survival law. Individuals optimally chose the dates at which they leave school to enter the labor market and at which they retire. Endoneous growth arises thanks to the accumulation of generation-specific human capital. Favorable shifts in the survival probabilities always induce longer schooling and later retirement but have an ambiguous effect on growth. The relationship between the growth of population and per-capita growth in hump-shaped.Increases in longevity can be responsible for a switch from a no-growth regime to a sustained growth regime and for a positive relationship between fertility and growth to vanish.

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Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 104 (2002)
Issue (Month): 2 (June)
Pages: 340-375

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Handle: RePEc:eee:jetheo:v:104:y:2002:i:2:p:340-375
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622869

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  3. Chari, V V & Hopenhayn, Hugo, 1991. "Vintage Human Capital, Growth, and the Diffusion of New Technology," Journal of Political Economy, University of Chicago Press, vol. 99(6), pages 1142-65, December.
  4. Raouf Boucekkine & Marc Germain & Omar Licandro, . "Replacement echoes in the vintage capital growth model," Working Papers 96-16, FEDEA.
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  19. Kalemli-Ozcan, Sebnem & Ryder, Harl E. & Weil, David N., 2000. "Mortality decline, human capital investment, and economic growth," Journal of Development Economics, Elsevier, vol. 62(1), pages 1-23, June.
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