Optimal Saving, Interest Rates and Endogenous Growth
The apparent failure of economists thus far to establish a positive empirical link between interest rates and saving does not, by itself, discredit the hypothesis of a direct structural relationship between the two, ceteris paribus. This structural relationship may be shifting about in response to changes in exogenous variables, such as tastes and technology, in a way that is consistent with any type of reduced-form correlation between interest rates and saving in the data. This point is demonstrated within a simple model of optimal saving, interest rates, and economic growth. The different implications of endogenous versus exogenous growth are explored in this context. Copyright 1993 by The editors of the Scandinavian Journal of Economics.
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