Population Dynamics, Longer Life Expectancy, and Child-Rearing Policies in an R&D-based Growth Model with Overlapping Generations

Koichi Futagami and Kunihiko Konishi

Economic Analysis, 2017, vol. 193, 21-49

Abstract: This study constructs an overlapping generations model with R&D activities and endogenous fertility. We demonstrate that there is a trap region where the economy cannot achieve sustainable growth. Moreover, this study shows that an increase in life expectancy expands the region where R&D is conducted, but shrinks the region where population increases. We consider the effects of child-rearing policies to expand the region where population increases. We show that these policies have the opposite effect of increasing life expectancy if the tax burden effect is small. However, a strengthening of child-rearing policies can reduce both regions where R&D is conducted and where population increases if the tax burden effect is large. JEL Codes：J13, O30, O41 Keywords：R&D, Fertility, Increasing life expectancy, Child-rearing policies

Date: 2017
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