Growth and Bubbles with Consumption Externalities

Kazuo Mino

No 07-07, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

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 f consumption behaviors, 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.

Keywords: Consumption Externalities; Overlapping Generations; Long-run Growth; Asset Bubbles. (search for similar items in EconPapers)
JEL-codes: E32 J24 O40 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2007-02
New Economics Papers: this item is included in nep-dge and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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http://www2.econ.osaka-u.ac.jp/library/global/dp/0707.pdf (application/pdf)

Related works:
Journal Article: GROWTH AND BUBBLES WITH CONSUMPTION EXTERNALITIES* (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:osk:wpaper:0707

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