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Endogeneous Growth, Human Capital and Bequests in a Life-Cycle Model

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  • Caballe, J.

Abstract

This paper investigates the relationship between growth and efficiency in an overlapping generations economy in which altruistic parents endow their children with human capital (education) and leave physical bequests. The author gives conditions under which the physical bequest motive is not operative in a balanced equilibrium when human capital exhibits externalities. He also shows that the efficient rate of growth is lower than the competitive one if the economy is bequest-constrained and externalities from education are not very strong. Some fiscal policy experiments are performed for both bequest-constrained economies and unconstrained ones. Copyright 1995 by Royal Economic Society.
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Suggested Citation

  • Caballe, J., 1991. "Endogeneous Growth, Human Capital and Bequests in a Life-Cycle Model," UFAE and IAE Working Papers 158.91, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  • Handle: RePEc:aub:autbar:158.91
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    Cited by:

    1. Ramos Parreno, Jose Maria & Sanchez-Losada, Fernando, 2002. "The role of unions in an endogenous growth model with human capital," Journal of Macroeconomics, Elsevier, vol. 24(2), pages 171-192, June.
    2. William G. Gale & Joel B. Slemrod, 2001. "Rethinking the Estate and Gift Tax: Overview," NBER Working Papers 8205, National Bureau of Economic Research, Inc.
    3. Hiroshi Aiura & Yasuhiro Sato, 2014. "A model of urban demography," Canadian Journal of Economics, Canadian Economics Association, vol. 47(3), pages 981-1009, August.
    4. Philippe Michel & Jean-Pierre Vidal, 2000. "Economic integration and growth under intergenerational financing of human-capital formation," Journal of Economics, Springer, vol. 72(3), pages 275-294, October.
    5. Lambrecht, Stephane & Michel, Philippe & Vidal, Jean-Pierre, 2005. "Public pensions and growth," European Economic Review, Elsevier, vol. 49(5), pages 1261-1281, July.
    6. Julio López Díaz & Zenón J. Ridruejo, 2003. "Pensiones, crecimiento y envejecimiento de la población," Investigaciones Economicas, Fundación SEPI, vol. 27(2), pages 343-367, May.
    7. Sato, Yasuhiro & Yamamoto, Kazuhiro, 2005. "Population concentration, urbanization, and demographic transition," Journal of Urban Economics, Elsevier, vol. 58(1), pages 45-61, July.
    8. Ihori, Toshihiro, 1995. "Public policy and economic growth: Japan and the United States," Japan and the World Economy, Elsevier, vol. 7(1), pages 113-130, May.
    9. Jaime Alonso-Carrera & Jordi Caballé & Xavier Raurich, 2007. "Aspirations, Habit Formation, and Bequest Motive," Economic Journal, Royal Economic Society, vol. 117(520), pages 813-836, April.
    10. Jappelli, T. & Padula, M. & Pica, G., 2011. "GINI DP 21: Transfer Taxes and Inequality," GINI Discussion Papers 21, AIAS, Amsterdam Institute for Advanced Labour Studies.
    11. Katarina Nordblom, 2001. "Within-the-family education and its impact on equality," Public Economics 0105004, EconWPA.
    12. Ihori, Toshihiro, 2001. "Wealth taxation and economic growth," Journal of Public Economics, Elsevier, vol. 79(1), pages 129-148, January.
    13. Rebelein, Robert P., 2005. "Intergenerational Strategic Behavior and Crowding Out in a General Equilibrium Model," Vassar College Department of Economics Working Paper Series 74, Vassar College Department of Economics.
    14. Sato, Yasuhiro, 2007. "Economic geography, fertility and migration," Journal of Urban Economics, Elsevier, vol. 61(2), pages 372-387, March.
    15. Richard Barnett & Joydeep Bhattacharya & Helle Bunzel, 2013. "Deviant generations, Ricardian equivalence, and growth cycles," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 52(1), pages 367-396, January.
    16. Jiang, Lily, 2010. "Estate tax and lifetime income inequality," Economic Modelling, Elsevier, vol. 27(3), pages 613-619, May.
    17. Del Rey, Elena & Lopez-Garcia, Miguel-Angel, 2013. "Optimal education and pensions in an endogenous growth model," Journal of Economic Theory, Elsevier, vol. 148(4), pages 1737-1750.
    18. Alfredo Cuevas, 2001. "Short- and Long-Term Poverty and Social Policy in a “Snakes and Ladders” Model of Growth," IMF Working Papers 01/172, International Monetary Fund.

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