Optimal growth when tastes are inherited

Article Abstract:

The issue of optimal growth when standard-of-living aspirations are inherited was investigated using an econometric framework that treats utility as non-separable across generations. The model includes an externality that is not taken into consideration by altruistic parents but which may play a role in endogenous fluctuation in competitive economies. Results showed that the condition for the optimal solution is stable in the saddle-point sense and that this optimal solution may exhibit damped oscillations even when the utility of future generations is not discounted.

Econometrics & Model Building, Econometrics, Externalities (Economics), Cost and standard of living, Cost of living, Economic stabilization, Business models, Utility theory, Utility functions

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Export promotion, learning by doing and growth

Article Abstract:

The quantitative significance of commercial policy for achieving high economic growth rates is analyzed. The analysis is carried out by creating a model of a small, open, developing economy and simulating the model numerically under various commercial policies. The results show that commercial policy can lead to considerable increases in steady-state growth rates of the order of 5% a year over a range of plausible parameter values.

Economic Programs, Administration of Economic Programs, Research, Economic aspects, Economic policy, Developing countries, Trade policy, Commercial policy, Human capital

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Altruism, intergenerational transfers of time and bequests

Article Abstract:

The properties of a standard overlapping generation model are examined where both bequests and intergenerational time transfers are included. The study shows that time transfers may take place when intergenerational altruism is not sufficient to generate bequests.

Analysis, Economics, Altruism, Altruism (Human behavior), Equilibrium (Economics), Economic theory

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