テクニカルレポート

ディスカッション／ワーキング・ペーパー

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Discussion Papers In Economics And Business. 2017, 17-05, p. 1-23

Fiscal sustainability under physical and human capital accumulation in an overlapping generations model

Motoyama, Takumi

Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University

英語

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2017-03

http://www2.econ.osaka-u.ac.jp/library/global/dp/1705.pdf

We consider fiscal sustainability by using an overlapping generations model with human capital accumulation (private and public education) and public debt. Based on this model, we explicitly show (i) the parameter region in which the economy cannot be fiscally sustainable for any initial endowment, and (ii) the threshold of initial endowment over (under) which the economy diverges (converges) to the steady state. Importantly, the threshold is neutral to the level of initial human capital. Further, we show the existence and uniqueness of the growth-maximizing level of each policy variable (i.e., the tax rate and public education/production ratio).

60699

Fiscal sustainability under physical and human capital accumulation in an overlapping generations model

Motoyama, Takumi

Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University

英語

2017-03

Discussion Papers In Economics And Business

17-05

1

23

https://hdl.handle.net/11094/60699

http://www2.econ.osaka-u.ac.jp/library/global/dp/1705.pdf