We develop an overlapping generations growth model in which the individuals care about the environment. Many environmental policies suffer from institutional failures. We focus on the failure resulting from the delegation by the government of the exercise of the environmental policy to an...

In this paper we question the role of a joy-of-giving bequest motive of a privately-owned renewable resource for sustainability. We model an overlapping generations economy in which individuals are endowed with a renewable resource. This resource can be exploited at no cost by the young...

In this paper we model an overlapping generations economy in which individuals are endowed with a renewable resource. This resource can be exploited at no cost by the young households and provided to production. A joy-of-giving bequest motive motivates the transfer of the unexploited resource to...

We develop an overlapping generations model of growth and the environment with public policy on education. Beyond the traditional mechanisms through which knowledge, growth and the environment interplay, we stress out the role played by education on environmental awareness. Assuming first that...

In an overlapping generations setup we address the issue of the optimal number of property rights to allocate over a natural resource when the goal is to maximize the stock of the natural resource at the steady state. We assume that the effect of the property rights regime on the evolution of...

In an overlapping-generations model with non-constant population growth, households own a natural renewable resource and have a family-altruism resource bequest motive. The natural resource can be either extracted and sold to firms, or bequeathed to children to increase their adult disposable...

I show in this paper that in an overlapping generations economy with production à la Diamond (1970) in which the agents can only save in terms of capital (i.e. with no asset bubbles à la Tirole (1985) or public debt as in Diamond (1965)), there is a period-by- period balanced fiscal policy...

Equilibrium paths in an economy of overlapping generations are determinate. Time is either discrete or continuous; in either case, it extend into the infinite future and, possibly, the infinite past. There is one, nonstorable commodity at each date. The economy is stationary; intertemporal...

Current Office of Management and Budget (OMB) guidelines use the interest rate as a basis for the discount rate, and have nothing to say about an intergenerationally fair discount rate. We derive this discount rate by differentiating a social welfare function with respect to perturbations in...

Money, which provides liquidity services, is distinct from debt. The introduction of a bank that issues money in exchange for debt and pays out its profit as dividend to shareholders modifies the model of overlapping generations. The set of equilibrium paths, their dynamic properties, as well as...