GROWTH AND BUBBLES WITH CONSUMPTION EXTERNALITIES*

Kazuo Mino

The Japanese Economic Review, 2008, vol. 59, issue 1, 33-53

Abstract: This paper explores the role of consumption externalities in an overlapping generations economy with capital accumulation. If consumers in each generation are concerned with other agents’ consumption behaviours, there exist intergenerational as well as intragenerational consumption externalities. It is the presence of intergenreational consumption externalities that may produce fundamental effects both on equilibrium dynamics and on steady‐state characterization of the economy. This paper demonstrates this fact in the context of a simple model of endogenously growing, overlapping‐generations economy with or without asset bubbles.

Date: 2008
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https://doi.org/10.1111/j.1468-5876.2007.00442.x

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Working Paper: Growth and Bubbles with Consumption Externalities (2007)
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