Analysis of dynamic trade models with non-homothetic preferences or endogenous time preferences(Fostering Joint International Research)

2018 Fiscal Year Final Research Report

• Project/Area Number: 15KK0122
• Research Category: Fund for the Promotion of Joint International Research (Fostering Joint International Research)
• Allocation Type: Multi-year Fund
• Research Field: Economic policy
• Research Institution: Kobe University
• Principal Investigator: Iwasa Kazumichi 神戸大学, 経済経営研究所, 准教授 (00534596)
• Research Collaborator: Soger Gerhard University of Vienna, Graduate School of Economics, Professor ; Foellmi Reto University of St. Gallen, SIAW, Professor ; Ikeda Shinsuke ; Kamihigashi Takashi ; Nishimura Kazuo
• Project Period (FY): 2016 – 2018
• Keywords: 非相似拡大的選好 / 劣等財 / 所得格差

Outline of Final Research Achievements

In standard models where households choose their consumption levels and their labor supply at each period of time, we clarify the economic implication of the necessary condition for the existence of periodic optimal solutions or chaos.
We show that with non-homothetic preferences, the distribution of income affects the demand for each of the factors of production, and hence it affects not only the speed of convergence to the steady state, but also the total wealth in the long run. Also, we find that the capital intensity ranking of luxury and necessity decides the relationship between income inequality and the economic growth.

Free Research Field

国際経済学

Academic Significance and Societal Importance of the Research Achievements

標準的な一部門成長モデルにおいて、周期解、あるいはカオスが発生する場合には、余暇が周期解の間の領域、もしくは周期解において、劣等財となっていることを示した。このような大域的な条件を、図を用いた分析を行うことで明らかにすることができた。
所得格差と経済成長の関係を考察するには、奢侈品と必需品の資本集約度が重要であることを示し、必需品が資本集約的な場合には、所得格差の拡大は経済成長にとって負の影響があることを明らかにした。