A Theory of Economic Growth: Dynamics and Policy in Overlapping Generations

ISBN-13: 9780521806428 / Angielski / Twarda / 2002 / 400 str.

David De La Croix; David de La Croix; Philippe Michel

Opis

Inter-generational transfers are at the center of economic policy debates today. Reducing public debt; financing social security; taxing capital and bequests; and designing the education system imply substantial inter-generational transfers. The tool that economists employ to analyze these issues is the overlapping generations model, which reflects the different periods of life. When the model includes capital accumulation, it also allows researchers to formalize the development of an economy, relating its growth path to the savings behavior of young agents. The aim of this book is an in-depth analysis of this model that includes its major policy implications.

Recenzje

'… an excellent introduction to an essential tool in economics …' Journal of Economics

Spis treści

Introduction; Acknowledgements; Part I. Competitive Equilibria: 1. The model; 2. Main assumptions; 3. The behavior of the agents at period t; 4. The temporary equilibrium; 5. The inter-temporal equilibrium with perfect foresight; 6. Capital dynamics at a rational inter-temporal equilibrium; 7. Comparison of myopic and perfect foresight; 8. Applications and extensions; 9. Conclusion; Part II. Optimality: 10. Optimality of stationary paths; 11. Optimality of the dynamics; 12. The planning problem; 13. Marginal analysis of optimal solutions; 14. Unbounded optimal growth; 15. Applications and extensions; 16. Conclusion; Part III. Policy: 17. Lump-sum transfers and the second welfare theorem; 18. Pensions; 19. Public spending; 20. Study of the second-best problem; 21. Applications and extensions; 22. Conclusion; Part IV. Debt: 23. Diamond's model with debt; 24. The inter-temporal budget constraint of the government; 25. Constant deficit policies; 26. Constant debt policies; 27. Applications and extensions; 28. Conclusion; Part V. Further Issues: 29. Dynastic altruism; 30. Human capital and education; 31. Inter-generational externalities; 32. Macro-economics and general equilibrium; Technical appendices; List of definitions; List of propositions; List of assumptions; Bibliography; Author index; Subject index.