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The Dynamics of Bequeathed Tastes

David de la Croix ()

No 1996004, Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: If children inherit life standard aspirations from their parents, their savings are affected and cycles may appear in OLG models with production. At some point of an expansion, aspirations grow faster than wages, savings decrease, and a contraction begins.

Keywords: Non-separable preferences; aspirations; OLG; cycles; Hopf (search for similar items in EconPapers)
JEL-codes: E32 O41 (search for similar items in EconPapers)
Date: 1996-02-01
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