The aim of this research is to build on a theory for explaining economic development in a (neoclassical) growth model with endogenous fertility. The economy is inhabited by overlapping generations of rational and identical individuals and identical competitive firms producing with a constant-returns-to-scale technology and no externalities. From a theoretical perspective, the distinguishing feature of this work is that endogenous fertility per se explains the existence of low- and high-development regimes. It provides different reasons (history driven or expectations driven) why some countries enter development trajectories with high GDP and low fertility and others experience underperformances with low GDP and high fertility. The model is also capable to reproduce fertility fluctuations and explain the baby busts and baby booms observed in the last century in some developed countries.

This paper considers a pure exchange overlapping generations model in which the money-growth rate is endogenous and follows a feedback rule. Different specifications for the monetary policy rule are analyzed, namely a so-called current, forward, or backward-looking feedback rule, depending on whether the monetary authority uses the actual, expected, or last observed values of the inflation rate to set the monetary policy. We study how the responsiveness of the policy rule with respect to inflation affects the determinacy of the monetary equilibrium. A policy rule is called aggressive (moderate) if it responds strongly (moderately) to inflation deviations from the target. We show how aggressive feedback rules, depending on the considered timing, can reinforce mechanisms that lead to indeterminacy or may lead the inflation rate to fluctuate around the monetary equilibrium at which monetary policy is aggressive. A leaning against the wind policy seems to be more desirable from an equilibrium determinacy point of view. On the contrary, a leaning with the wind policy could not be the recommended policy for the Central Bank.

The aim of the paper is to investigate how child policies affect the population growth and to what extent these policies are useful to increase pension benefits of a pay-as-you-go pension system in a small open economy. Specifically, we analyze two different child policies: the provision of child allowances and an educational subsidy. We apply an overlapping generations model in its canonical form, where we consider endogenous fertility, endogenous growth and endogenous aging of the society. From the analysis, we conclude that with a child allowance, there is a consequent increase in the number of children and decrease in pension benefits and life expectancy. On the other hand, we note that with an educational subsidy, there is a decrease in the number of children, and an increase in the pension benefits and the life expectancy, respectively. The model developed aims to complement the models of the Unified Growth Theory.

L'amour lorsqu'il est poussé à son paroxysme confine à l'étouffement. Telle est la morale de cet article dans lequel un parent altruiste module son offre de travail en partie pour assurer le meilleur niveau de vie possible à son enfant. Lorsque le travail des parents et celui des enfants sont parfaitement substituables dans la production, ce comportement pousse les salaires à la baisse. Si les salaires horaires sont rigides, l'emploi est rationné et les jeunes sont les premières victimes de ce rationnement. Nous montrons que ce mécanisme est à l'origine de fluctuations endogènes entre chômage et plein emploi lorsque la productivité des travailleurs âgés est négativement influencée par la durée de chômage passée. Nous analysons également le soutien politique pour le salaire minimum lorsque la productivité des jeunes est soumise à un aléa : le salaire minimum, l'offre de travail des vieux et le chômage des jeunes augmentent tous trois avec le facteur d'altruisme.

Nous étudions un modèle à générations imbriquées dans lequel coexistent des agents altruistes et égoïstes qui sont patients ou impatients et dont l'offre de travail est endogène. Cette double hétérogénéité nous permet d'analyser les déterminants économiques qui conduisent, de manière endogène, à l'émergence dans l'économie d'une classe de rentiers. Elle nous permet aussi d'examiner l'impact de l'hypothèse d'altruisme intergénéra-tionnel sur le produit intérieur brut de l'économie.