Growth, budget deficits, and fiscal policies in an overlapping generations model
نویسندگان
چکیده
منابع مشابه
Welfare Evaluation of Policies in an Overlapping Generations Growth Model
In the classical growth model, with overlapping generations and continuous time starting at −∞, generically there exist a unique equilibrium in the policy-neighbourhood of any balanced growth equibrium as shown in [4]. Policies are endowment perturbations. In this paper we show that, for any such equilibrium selection, welfare is differentiable, and that the derivative at the balanced growth eq...
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For an overlapping generations economy with varying life-cycle productivity, non-stationary endowments, continuous time starting at −∞ (hence allowing for full anticipation), constant-returns-to-scale production and ces utility we fully characterise equilibria where output is higher than investment, which is strictly positive. Net assets (aggregate savings minus the value of the capital stock) ...
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This paper examines the choice between alternative debt and deficit responses in an overlapping generations (OG) setting. The OG model is a convenient framework for making interest rates sensitive to the supply of public debt and for distinguishing between different types of taxes and transfers. A given deficit-reduction yields a greater reduction of future debt if the policy instrument also re...
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ژورنال
عنوان ژورنال: Journal of Economics
سال: 1991
ISSN: 0931-8658
DOI: 10.1007/bf01227466