کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
966111 | 930926 | 2006 | 11 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Endogenous labor supply in Diamond's (1965) OLG model: A reconsideration of the debt role
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
چکیده انگلیسی
In this paper we show that, when elastic labor supply is considered via Cobb Douglas preferences, dynamic inefficiency of OLG economies, while being still a necessary condition, is no longer sufficient for an internal public debt increase to be welfare improving in the long run. This is due to the fact that the equilibrium interest rate can move in the “wrong” direction if individuals' labor supply is sufficiently elastic. Consequently, raising the level of debt when the economy is experiencing dynamic inefficiency could even be welfare-worsening, in contrast with [Diamond, P., 1965. National debt in a neoclassical growth model. American Economic Review 41, 1126-1150].
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Macroeconomics - Volume 28, Issue 2, June 2006, Pages 428-438
Journal: Journal of Macroeconomics - Volume 28, Issue 2, June 2006, Pages 428-438
نویسندگان
Luciano Fanti, Luca Spataro,