This paper studies the effects of educational borrowing constraints on economic growth and welfare. We consider a three-period-lived overlapping generations model in which individuals finance their educational expenditures by borrowing. We show that if the elasticity of human capital to...

This paper aims at analyzing the implications of individuals' consumption jealousy on the dynamic structure of a two-sector model economy. We find that status-seeking substantially influences both, the long-term properties and the adjustment behavior of the model. Depending on the status motive,...

Our objective is to investigate, how the combination of habit formation with endogenous capital utilization decisions affects the process of economic growth. We find that in the presence of positive productivity growth, habit formation in consumption reduces the rate of capital utilization while...

This paper aims at analyzing the implications of individuals’ consumption jealousy on the dynamic structure of a two-sector model economy. We find that status-seeking substantially influences both, the long-term properties and the adjustment behavior of the model. Depending on the status...

In this paper we combine the assumption that the consumption function is concave with an AK production function. We show that the set of equilibrium steady-state growth rates is an interval. Then we note that when they exist, unegalitarian equilibria are characterized by higher rates of growth...

In this study an Extended Version of the Solowian growth model is presented and its properties are compared with those of the original model. In the Solowian model the forces behind the growth process are exogenous and disembodied. In the Extended Model technological change is divided into two...

We scrutinize Thomas Piketty's (2014) theory concerning the relationship between an economy's long-run growth rate, its capital-income ratio, and its factor income distribution put forth in his recent book Capital in the Twenty-First Century. We find that a smaller long-run growth rate may be...

We introduce a gender wage gap into basic one-good textbook versions of the neo-Kaleckian distribution and growth model and examine the effects of improving gender wage equality on income distribution, aggregate demand, capital accumulation and productivity growth. For the closed economy model,...

This paper aims at analyzing the implications of individuals' consumption jealousy on the dynamic structure of a two-sector model economy. We find that status-seeking substantially influences both, the long-term properties and the adjustment behavior of the model. Depending on the status motive,...

This paper presents an interpretation of post-1953 Colombian economic growth and a discussion on future outcomes. The interpretation takes the form of a data playback guided by the decentralized equilibrium version of the Cass-Koopmans-Ramsey model. The role of technical change as a driver of...