000			01852nam a22002657a 4500
003			ZW-GwMSU
005			20240402132051.0
008			240402b |||||||| |||| 00| 0 eng d
022			_a09382259
040			_aMSU _bEnglish _cMSU _erda
050	0	0	_aHB119 ECO
100	1		_aBarnett, Richard _eauthor
245	1	0	_aDeviant generations, Ricardian equivalence, and growth cycles _ccreated by Richard C. Barnett, Joydeep Bhattacharya and Helle Bunzel
264	1		_aBerlin: _bSpringer, _c2013.
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aEconomic theory _vVolume 52, number 1,
520	3		_aTwo equilibrium possibilities are known to obtain in a standard overlapping-generations model with dynastic preferences: either the altruistic bequest motive is operative for every generation (in which case, Ricardian equivalence obtains) or it is not, for any generation. Dynamic equilibria, where the bequest motive is occasionally operative, cannot emerge. This paper studies bequest-giving behavior and out-of-steady-state bequest and growth dynamics in a Ak model with intra- and inter-generational consumption externalities. These externalities, by their very presence, do not destroy Ricardian equivalence. They may, however, give rise to deviant generations—generations that do not leave a bequest having received an inheritance, and vice versa—and that seals the fate for Ricardian equivalence. Consumption externalities may also generate interesting indeterminacies and endogenous growth cycles that did not exist otherwise.
650			_aConsumption externality _vBequests _xRicardian equivalence
700	1		_aBhattacharya, Joydeep _eco author
700	1		_aBunzel, Helle _eco author
856			_uhttps://doi.org/10.1007/s00199-011-0645-3
942			_2lcc _cJA
999			_c164611 _d164611