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Saving and Endogenous Growth: A Survey of Theory and Policy

Author

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  • Buiter, Willem H.

Abstract

The paper surveys and extends recent results on the effect of changes in government fiscal and financial policy, and in private savings behaviour, on economic growth. Private saving behaviour is represented by an overlapping generations (OLG) model. The supply side of the model permits endogenous growth through aggregate constant returns to an augmentable input. Private sector behaviour is parameterized with the time preference rate, the intertemporal elasticity of substitution, the birth rate, the death rate and the rate at which labour productivity declines with age. Fiscal instruments include public consumption spending, the capital income tax rate, deficit financing and balanced-budget intergenerational redistribution (an unfunded social security retirement scheme).

Suggested Citation

  • Buiter, Willem H., 1991. "Saving and Endogenous Growth: A Survey of Theory and Policy," CEPR Discussion Papers 606, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:606
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    Citations

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    Cited by:

    1. Uhlig, Harald & Yanagawa, Noriyuki, 1996. "Increasing the capital income tax may lead to faster growth," European Economic Review, Elsevier, vol. 40(8), pages 1521-1540, November.
    2. Saint-Paul, Gilles, 1997. "The role of rents to human capital in economic development," Journal of Development Economics, Elsevier, vol. 53(2), pages 229-249, August.
    3. Uhlig, H.F.H.V.S. & Yanagawa, N., 1994. "Increasing the Capital Income Tax Leads to Faster Growth," Discussion Paper 1994-115, Tilburg University, Center for Economic Research.
    4. Giancarlo Marini & Pasquale Scaramozzino, 1999. "Social security and intergenerational equity," Journal of Economics, Springer, vol. 70(1), pages 17-35, February.
    5. Renáta Pitoňáková, 2018. "Private Sector Savings," DANUBE: Law and Economics Review, European Association Comenius - EACO, issue 1, pages 1-17, March.
    6. Sen, Partha, 2002. "Welfare-improving debt policy under monopolistic competition," Journal of Economic Dynamics and Control, Elsevier, vol. 27(1), pages 143-156, November.
    7. Partha Sen, 1995. "Fiscal Policy In A Dynamic Open-Economy New-Keynesian Model," Working papers 30, Centre for Development Economics, Delhi School of Economics.
    8. Uhlig, H.F.H.V.S. & Yanagawa, N., 1994. "Increasing the Capital Income Tax Leads to Faster Growth," Other publications TiSEM e758dab5-3682-4351-b0e0-0, Tilburg University, School of Economics and Management.
    9. Ranjan Ray, 1994. "Welfare-Improving Debt Policy Under Monopolistic Competition," Working papers 25, Centre for Development Economics, Delhi School of Economics.

    More about this item

    Keywords

    Endogenous Growth; Public Debt; Savings Behaviour; Social Security; Taxation;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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