FISCAL POLICY AND ENDOGENOUS GROWTH IN A BEQUEST-CONSTRAINED ECONOMY
FISCAL POLICY AND ENDOGENOUS GROWTH IN A BEQUEST-CONSTRAINED ECONOMY
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遗产匮乏的经济中的财政政策和内生增长
DOI：
10.1093/oxfordjournals.oep.a028561
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发表时间：
1996
期刊：
影响因子：
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通讯作者：
Peter Rangazas
中科院分区：
文献类型：
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作者：
Peter Rangazas
有证据表明，绝大多数有计划的利他主义代际转移是对子女的人力资本投资（家庭一般受遗赠限制）。本文表明，基于经验的校准简单的重叠世代模型与利他主义产生现实的内生增长率和资本回报率的约束遗赠约束。作者还展示了代际和代内财富再分配如何影响遗产约束经济体的长期增长。再分配是财政政策的一个特征，被用于分析内生增长的标准无限寿命代表性代理模型所抽象。版权所有1996年由皇家经济学会。
Evidence suggests that the vast majority of planned altruistic transfers between generations are human capital investments in children (households are generally bequest constrained). This paper demonstrates that empirically based calibrations of simple overlapping generations models with altruism generate binding bequest constraints with realistic endogenous growth rates and returns to capital. The author also shows how intergenerational and intragenerational redistributions of wealth affect long-run growth in bequest-constrained economies. Redistribution is a feature of fiscal policy abstracted away from by the standard infinitely lived representative agent models used to analyze endogenous growth. Copyright 1996 by Royal Economic Society.