dc.contributor.author | Mehlum, Halvor | |
dc.contributor.author | Torvik, Ragnar | |
dc.contributor.author | Valente, Simone | |
dc.date.accessioned | 2020-03-25T14:58:52Z | |
dc.date.available | 2020-03-25T14:58:52Z | |
dc.date.created | 2020-03-24T12:01:52Z | |
dc.date.issued | 2020 | |
dc.identifier.citation | Journal of International Trade and Economic Development. 2020, . | en_US |
dc.identifier.issn | 0963-8199 | |
dc.identifier.uri | https://hdl.handle.net/11250/2648665 | |
dc.description.abstract | We study the consequences of age-dependent preferences for economic growth and structural change in a two-sector model with overlapping generations and non-dimishing returns to capital. Savings and accumulation rates depend on the relative price of services consumed by old agents and on the intergenerational distribution of income. The feedback effects originating in preferences and income distribution yield three possible long-run growth outcomes: sustained endogenous growth, decumulation traps, and bounded accumulation. In the endogenous growth scenario, the transition features rising savings and accumulation rates accompanied by distributional shifts in favor of young workers, growing employment and rising prices in the service sector. Traps are triggered by initially low capital in manufacturing and low employment in services. Bounded accumulation yielding zero long-run growth in per capita incomes is induced by preferences, not by diminishing returns to capital. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | Taylor & Francis | en_US |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no | * |
dc.title | Growth with age-dependent preferences | en_US |
dc.type | Peer reviewed | en_US |
dc.type | Journal article | en_US |
dc.description.version | publishedVersion | en_US |
dc.source.pagenumber | 12 | en_US |
dc.source.journal | Journal of International Trade and Economic Development | en_US |
dc.identifier.doi | 10.1080/09638199.2020.1716834 | |
dc.identifier.cristin | 1803201 | |
dc.description.localcode | © 2020 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way. | en_US |
cristin.ispublished | true | |
cristin.fulltext | original | |
cristin.qualitycode | 1 | |