Family allowances as welfare improvements |
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Authors: | Bernhard Felderer Klaus Ritzberger |
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Institution: | (1) Faculty of Economics, University of Bochum, Universitätsstr. 150, Postfach 10 21 42, D-4630 Bochum 1, Germany;(2) Department of Economics, Institute for Advanced Studies, Stumpergasse 56, A-1060 Vienna, Austria |
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Abstract: | The present paper studies the equilibria of a simple overlapping generations model of pure exchange in which money is traded. There is a continuum of agents in each generation and population growth is endogenous via voluntary decisions on children. Any monetary steady state has to satisfy the golden rule that the interest rate equals the growth rate. Still such a monetary steady state may be inefficient. If raising children is not excessively profitable, then there exists a transfer scheme, in favor of those who raise children, which improves upon the steady state. |
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