Family allowances as pareto improvements
The present paper studies the equilibria of a simple overlapping generations model of pure exchange in which money is traded. there is a continuum of agents in each generation and population growth is endogenous via voluntary decisions on children . any monetary steady state has to satisfy the "gold...| Link(s) zu Dokument(en): | IHS Publikation |
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| Hauptverfasser: | , |
| Format: | IHS Series NonPeerReviewed |
| Sprache: | Englisch |
| Veröffentlicht: |
institut fuer hoehere studien
1991
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| Zusammenfassung: | The present paper studies the equilibria of a simple overlapping generations model of pure exchange in which money is traded. there is a continuum of agents in each generation and population growth is endogenous via voluntary decisions on children . any monetary steady state has to satisfy the "golden rule" that the interest rate equals the growth rate. still such a monetary steady state is pareto-inefficient. it can be shown that there exists a transfer scheme in favor of those, who raise children, which pareto-improves upon any steady state.; |
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