Endogenous growth and welfare effects of education subsidies and intergenerational transfers

We consider an overlapping generations model with endogenous growth and embrace the Two-Part Golden Rule criterion to analyze the welfare effects of intergenerational transfers and education subsidies. The results are compared with those obtained within the well-known exogenous growth framework. In...

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Detalles Bibliográficos
Autores: Rey Canteli, Elena del, López García, Miguel Ángel
Tipo de recurso: artículo
Estado:Versión publicada
Fecha de publicación:2016
País:España
Institución:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
Repositorio:Recercat. Dipósit de la Recerca de Catalunya
OAI Identifier:oai:recercat.cat:10256/13163
Acceso en línea:http://hdl.handle.net/10256/13163
Access Level:acceso embargado
Palabra clave:Educació -- Aspectes polítics
Education -- Political aspects
Creixement endogen (Economia)
Endogenous growth (Economics)
Recursos humans
Human capital
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spelling Endogenous growth and welfare effects of education subsidies and intergenerational transfersRey Canteli, Elena delLópez García, Miguel ÁngelEducació -- Aspectes políticsEducation -- Political aspectsCreixement endogen (Economia)Endogenous growth (Economics)Recursos humansHuman capitalWe consider an overlapping generations model with endogenous growth and embrace the Two-Part Golden Rule criterion to analyze the welfare effects of intergenerational transfers and education subsidies. The results are compared with those obtained within the well-known exogenous growth framework. In both cases, pay-as-you-go social security enhances welfare if the growth rate is larger than the interest rate at the laissez-faire. However, with endogenous growth, pay-as-you-go social security may also increase welfare even if the growth rate of the economy is less than the interest rate. Education subsidies have an ambiguous impact because they simultaneously transfer resources across generations and change the relative price of investing in human capital. Overall, the paper shows the existence of important non-monotonicities associated with the welfare effects of modifying the tax parameters in an endogenous growth frameworkWe also acknowledge financial support from Instituto de Estudios Fiscales (Spanish Ministry of Finances, 2014-15), the Spanish Ministry of Science (projects ECO2013-45395-R and ECO2012-37572) and the Generalitat de Catalunya (contracts 2014SGR1360 and 2014SGR327, and the XREPP)ElsevierMinisterio de Economía y Competitividad (Espanya)infoinfo2016info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttp://hdl.handle.net/10256/13163http://hdl.handle.net/10256/13163© Economic Modelling, 2016, vol. 52, part B, p. 531-539Articles publicats (D-EC)reponame:Recercat. Dipósit de la Recerca de Catalunyainstname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)Inglésinfo:eu-repo/semantics/altIdentifier/doi/10.1016/j.econmod.2015.09.033info:eu-repo/semantics/altIdentifier/issn/0264-9993info:eu-repo/grantAgreement/MINECO//ECO2013-45395-RTots els drets reservatsinfo:eu-repo/semantics/embargoedAccessoai:recercat.cat:10256/131632026-05-29T05:05:01Z
dc.title.none.fl_str_mv Endogenous growth and welfare effects of education subsidies and intergenerational transfers
title Endogenous growth and welfare effects of education subsidies and intergenerational transfers
spellingShingle Endogenous growth and welfare effects of education subsidies and intergenerational transfers
Rey Canteli, Elena del
Educació -- Aspectes polítics
Education -- Political aspects
Creixement endogen (Economia)
Endogenous growth (Economics)
Recursos humans
Human capital
title_short Endogenous growth and welfare effects of education subsidies and intergenerational transfers
title_full Endogenous growth and welfare effects of education subsidies and intergenerational transfers
title_fullStr Endogenous growth and welfare effects of education subsidies and intergenerational transfers
title_full_unstemmed Endogenous growth and welfare effects of education subsidies and intergenerational transfers
title_sort Endogenous growth and welfare effects of education subsidies and intergenerational transfers
dc.creator.none.fl_str_mv Rey Canteli, Elena del
López García, Miguel Ángel
author Rey Canteli, Elena del
author_facet Rey Canteli, Elena del
López García, Miguel Ángel
author_role author
author2 López García, Miguel Ángel
author2_role author
dc.contributor.none.fl_str_mv Ministerio de Economía y Competitividad (Espanya)
dc.subject.none.fl_str_mv Educació -- Aspectes polítics
Education -- Political aspects
Creixement endogen (Economia)
Endogenous growth (Economics)
Recursos humans
Human capital
topic Educació -- Aspectes polítics
Education -- Political aspects
Creixement endogen (Economia)
Endogenous growth (Economics)
Recursos humans
Human capital
description We consider an overlapping generations model with endogenous growth and embrace the Two-Part Golden Rule criterion to analyze the welfare effects of intergenerational transfers and education subsidies. The results are compared with those obtained within the well-known exogenous growth framework. In both cases, pay-as-you-go social security enhances welfare if the growth rate is larger than the interest rate at the laissez-faire. However, with endogenous growth, pay-as-you-go social security may also increase welfare even if the growth rate of the economy is less than the interest rate. Education subsidies have an ambiguous impact because they simultaneously transfer resources across generations and change the relative price of investing in human capital. Overall, the paper shows the existence of important non-monotonicities associated with the welfare effects of modifying the tax parameters in an endogenous growth framework
publishDate 2016
dc.date.none.fl_str_mv 2016
info
info
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/10256/13163
http://hdl.handle.net/10256/13163
url http://hdl.handle.net/10256/13163
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/doi/10.1016/j.econmod.2015.09.033
info:eu-repo/semantics/altIdentifier/issn/0264-9993
info:eu-repo/grantAgreement/MINECO//ECO2013-45395-R
dc.rights.none.fl_str_mv Tots els drets reservats
info:eu-repo/semantics/embargoedAccess
rights_invalid_str_mv Tots els drets reservats
eu_rights_str_mv embargoedAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv © Economic Modelling, 2016, vol. 52, part B, p. 531-539
Articles publicats (D-EC)
reponame:Recercat. Dipósit de la Recerca de Catalunya
instname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
instname_str Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
reponame_str Recercat. Dipósit de la Recerca de Catalunya
collection Recercat. Dipósit de la Recerca de Catalunya
repository.name.fl_str_mv
repository.mail.fl_str_mv
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