Gifts, Bequests and Growth
A familiar result in the theory of private intergenerational transfers is that competitive equilibria with gifts from children to their parents are dynamically inefficient whereas they are dynamically efficient with bequests from parents to their children. This note demonstrates that if growth is endogenous, both gift and bequest economies are dynamically efficient, but gift economies grow more rapidly.
|Date of creation:||01 Dec 1999|
|Date of revision:|
|Publication status:||Published in Journal of Macroeconomics, 2001, vol. 23, pages 121-129|
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- Andrew B. Abel, .
"Operative Gift and Bequest Motives,"
Rodney L. White Center for Financial Research Working Papers
9-87, Wharton School Rodney L. White Center for Financial Research.
- Andrew B. Abel, . "Operative Gift and Bequest Motives," Rodney L. White Center for Financial Research Working Papers 09-87, Wharton School Rodney L. White Center for Financial Research.
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Journal of Monetary Economics,
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Levine's Working Paper Archive
2232, David K. Levine.
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"Asset Bubbles and Endogenous Growth,"
160, Princeton, Woodrow Wilson School - Public and International Affairs.
- Carmichael, Jeffrey, 1982. "On Barro's Theorem of Debt Neutrality: The Irrelevance of Net Wealth," American Economic Review, American Economic Association, vol. 72(1), pages 202-13, March.
- Kimball, Miles S., 1987. "Making sense of two-sided altruism," Journal of Monetary Economics, Elsevier, vol. 20(2), pages 301-326, September.
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