family allowances as pareto improvements

Felderer, Bernhard and Ritzberger, Klaus (November 1991) family allowances as pareto improvements. Forschungsberichte / Research Memoranda 290


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abstract: 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.;

Item Type: IHS Series
Status: Published
Date Deposited: 26 Sep 2014 10:35
Last Modified: 01 Apr 2016 14:08

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