Existence and specific characters of rentiers: a savers-spenders theory approach

Emmanuel Thibault

Economic Theory, 2005, vol. 25, issue 2, 419 pages

Abstract: Using the savers-spenders theory developed by Mankiw (2000, AER), we propose microfoundations to the existence of rentiers in macroeconomic growth models. From an OLG model which acknowledges the great heterogeneity of consumer behavior apparent in the data, we capture the dynamic considerations of potential rentiers as a natural consequence of intertemporal utility maximization and we analyze realistic characteristics (proportion, wealth, propensity to save) of rentiers. Copyright Springer-Verlag Berlin/Heidelberg 2005

Keywords: Growth models; Heterogeneity of preferences; Endogenous labor supply. (search for similar items in EconPapers)
Date: 2005
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DOI: 10.1007/s00199-003-0430-z

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