| Project/Area Number |
18530136
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Economic theory
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| Research Institution | Osaka University |
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Principal Investigator |
MINO Kazuo Osaka University, Graduate School of Economics, Professor (00116675)
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| Project Period (FY) |
2006 – 2007
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| Project Status |
Completed (Fiscal Year 2007)
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| Budget Amount *help |
¥2,070,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥270,000)
Fiscal Year 2007: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2006: ¥900,000 (Direct Cost: ¥900,000)
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| Keywords | consumption externalities / overlapping generations / intragenerational externalities / intergenerational externalities / economic growth / habit formation / determinacy of equilibrium / マクロ経済動学 / 消費の習慣形成 / 内生的成長 / 消費の外部効果 / 大勢順応主義 / 外生的習慣形成 / 均衡の効率性 / 均衡の不決定性 |
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| Research Abstract |
The purpose of this study is to explore the role of consumption external effects in overlapping generations economies. Most of the existing investigations on macrodynamic models with consumption externalities have utilized the representative agent models. Since the private and average levels of consumption coincide each other in the representative agent economies, the effects of consumption externalities are mostly quantitative rather than qualitative in most of the foregoing studies. We extend the standard two-period lived OLG models of capital accumulation by introducing external effects among consumption activities of the agents. The key difference between the representative agent and the OLG settings is that the contemporaneous external effects of consumption involve the intergenerational as well as intragenerational externalities in the OLG economy.
The general conclusion of this project is that the dynamic behaviors of OLG economies heavily depend on how the consumption external effects are specified. We have found that even simple models may yield multiple steady states and indeterminacy of equilibrium. In addition, policy implications in the model economies would be fundamentally different form those obtained in the representative agent counterpart. We have confirmed these facts in the context of alternative settings of OLG economies with various specifications of preferences and technologies.
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