National Debt, Borrowing Constraints, and Human Capital Accumulation in an Endogenous Growth Model
This paper presents an overlapping-generations endogenous growth model of human capital accumulation with borrowing constrained young individuals. On a small open economy's equilibrium growth path, production, human capital, and physical capital all grow at a uniform rate that depends, apart from a vector of parameters, only on the amount of time that decentrally optimizing, borrowing constrained private households allocate to education and training. An increase in public debt that is used to redistribute tax burdens from every individual's youth to his middle age raises the equilibrium growth rate of the economy and improves the intertemporal allocation of resources.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 58 (2001)
Issue (Month): 3 (July)
|Contact details of provider:|| Web page: http://www.mohr.de/fa|
|Order Information:|| Postal: Mohr Siebeck GmbH & Co. KG, P.O.Box 2040, 72010 Tübingen, Germany|
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.:
- Willem H. Buiter & Kenneth M. Kletzer, 1991. "Persistent Differences in National Productivity Growth Rates with A Com-mon Technology and Free Capital Mobility: The Roles of Private Thrift, ..," NBER Working Papers 3637, National Bureau of Economic Research, Inc.
- Zhang, Jie, 1995. "Social security and endogenous growth," Journal of Public Economics, Elsevier, vol. 58(2), pages 185-213, October.
- Saint-Paul, G., 1991.
"Fiscal Policy In An Endogenous Growth Model,"
DELTA Working Papers
91-04, DELTA (Ecole normale supérieure).
- De Gregorio, Jose, 1996. "Borrowing constraints, human capital accumulation, and growth," Journal of Monetary Economics, Elsevier, vol. 37(1), pages 49-71, February.
- Loury, Glenn C, 1981. "Intergenerational Transfers and the Distribution of Earnings," Econometrica, Econometric Society, vol. 49(4), pages 843-67, June.
- Perotti, Roberto, 1993. "Political Equilibrium, Income Distribution, and Growth," Review of Economic Studies, Wiley Blackwell, vol. 60(4), pages 755-76, October.
- Oded Galor & Joseph Zeira, 2013.
"Income Distribution and Macroeconomics,"
2013-12, Brown University, Department of Economics.
- Ihori, Toshihiro, 1997. "Taxes on Capital Accumulation and Economic Growth," Journal of Macroeconomics, Elsevier, vol. 19(3), pages 509-522, July.
- Kane, Thomas J, 1994. "College Entry by Blacks since 1970: The Role of College Costs, Family Background, and the Returns to Education," Journal of Political Economy, University of Chicago Press, vol. 102(5), pages 878-911, October.
- Jappelli, Tullio & Pagano, Marco, 1994.
"Saving, Growth, and Liquidity Constraints,"
The Quarterly Journal of Economics,
MIT Press, vol. 109(1), pages 83-109, February.
- Aghion, Philippe & Garcia-Peñalosa, Cecilia & Caroli, Eve, 1998. "Inequality and economic growth," Economics Papers from University Paris Dauphine 123456789/10096, Paris Dauphine University.
When requesting a correction, please mention this item's handle: RePEc:mhr:finarc:urn:sici:0015-2218(200207)58:3_317:ndbcah_2.0.tx_2-t. 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: (Thomas Wolpert)
If references are entirely missing, you can add them using this form.