Optimal Fiscal Policy in the Uzawa-Lucas Model with CES Production
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Optimal Fiscal Policy in the Uzawa-Lucas Model with CES ProductionData
2004Cita bibliográfica
Gómez, M.A., Escalona, A.S. & Seijas, J.A. Optimal fiscal policy in the Uzawa-Lucas model with CES production. International Advances in Economic Research 10, 202–214 (2004). https://doi.org/10.1007/BF02296215
Resumo
[Abstract]: This paper devises an endogenous growth model with human capital in the UzawaLucas framework in which the average human capital has a positive external effect on
the goods sector. Unlike previous works, this paper assumes that output is produced with
a CES technology and analyzes the existence, uniqueness, and stability of equilibrium.
Also, a fiscal policy is devised that is capable of providing the required incentives to
optimize the competitive equilibrium. In order to correct the market failure caused by
the externality, the authors introduce a subsidy to human capital and analyze how it can
be financed in an optimal way. Some simulation results are presented.(JEL O41, E62)
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1573-966X