Overlapping-Generations Model of Economic Growth

Maksym Ivanyna, Alex Mourmouras and Peter Rangazas
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Maksym Ivanyna: Joint Vienna Institute

Chapter 4 in The Macroeconomics of Corruption, 2018, pp 111-158 from Springer

Abstract: Abstract This chapter introduces the one-sector neoclassical growth model with overlapping generations. The primary focus of the chapter is growth via private physical capital accumulation. We think of private physical capital as manmade durable inputs to the production process. For our purposes, private capital can be primarily thought of as plant and equipment that is produced in one period and then used in production in the following period. To model production, we introduce firms, economic institutions that combine physical capital and labor to produce goods and services. Later in the chapter, we re-introduce the public capital that was the focus of Chaps. 2 and 3 and study the interaction between public and private capital accumulation, along with other effects of fiscal policy on growth.

Date: 2018
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Chapter: Overlapping-Generations Model of Economic Growth (2021)
Chapter: Overlapping-Generations Model of Economic Growth (2018)
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DOI: 10.1007/978-3-319-68666-0_4

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