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Altruism and the macroeconomic effects of demographic changes

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  • Canton, E.J.F.

    (Tilburg University, School of Economics and Management)

  • Meijdam, A.C.

    (Tilburg University, School of Economics and Management)

Abstract

In this paper we show that the macroeconomic effects of demographic changes strongly depend on the degree of altruism and on the specification of the intertemporal utility function. We allow for agents either to be altruistic in the sense of Barro (1974) or non-altruistic. In the latter case, generations are heterogeneous like in the "unloved children" model of Weil (1989). In the former case, where the model is a standard Ramsey model with identical agents, we distinguish a Millian and a Benthamite intertemporal utility function. For each of these models, we study the effects of an anticipated and unanticipated permanent decline in population growth as well as the consequences of a baby-boom/baby-bust scenario.
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Suggested Citation

  • Canton, E.J.F. & Meijdam, A.C., 1997. "Altruism and the macroeconomic effects of demographic changes," Other publications TiSEM b843d800-b8b9-4e98-b9c8-d, Tilburg University, School of Economics and Management.
    • Handle: RePEc:tiu:tiutis:b843d800-b8b9-4e98-b9c8-db2bb17f97d4
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    Cited by:

    1. Kuhn, Michael & Wrzaczek, Stefan & Oeppen, Jim, 2010. "Recognizing progeny in the value of life," Economics Letters, Elsevier, vol. 107(1), pages 17-21, April.
    2. Gerlagh, Reyer & Jaimes, Richard & Motavasseli, Ali, 2017. "Global Demographic Change and Climate Policies," Other publications TiSEM 7a4ee2a9-e025-4ec0-8bc8-f, Tilburg University, School of Economics and Management.
    3. Dr. Lucas Marc Fuhrer & Nils Herger, 2021. "Real interest rates and demographic developments across generations: A panel-data analysis over two centuries," Working Papers 2021-07, Swiss National Bank.
    4. Raouf Boucekkine & Blanca Martínez & J. Ramon Ruiz-Tamarit, 2018. "Optimal Population Growth as an Endogenous Discounting Problem: The Ramsey Case," Lecture Notes in Economics and Mathematical Systems, in: Gustav Feichtinger & Raimund M. Kovacevic & Gernot Tragler (ed.), Control Systems and Mathematical Methods in Economics, pages 321-347, Springer.
    5. Westerhout, Ed & Meijdam, Lex & Ponds, Eduard & Bonenkamp, Jan, 2022. "Should we revive PAYG? On the optimal pension system in view of current economic trends," European Economic Review, Elsevier, vol. 148(C).
    6. Boucekkine, R. & Martínez, B. & Ruiz-Tamarit, J.R., 2013. "Growth vs. level effect of population change on economic development: An inspection into human-capital-related mechanisms," Journal of Mathematical Economics, Elsevier, vol. 49(4), pages 312-334.
    7. Luca Gori & Piero Manfredi & Simone Marsiglio & Mauro Sodini, 2022. "COVID‐19 epidemic and mitigation policies: Positive and normative analyses in a neoclassical growth model," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 24(5), pages 968-992, October.
    8. Weiske, Sebastian, 2019. "Population growth, the natural rate of interest, and inflation," Working Papers 03/2019, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    9. Dafeng Xu, 2014. "Rural-Urban Migration with Behavioral Preferences," ERSA conference papers ersa14p536, European Regional Science Association.
    10. Stiller, Silvia, 2000. "Welfare effects of demographic changes in a Ramsey growth model," HWWA Discussion Papers 107, Hamburg Institute of International Economics (HWWA).
    11. Casper van Ewijk & Erik Canton & Paul Tang, 2004. "Ageing and international capital flows," CPB Document 43.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
    12. Casper van Ewijk & Erik Canton & Paul Tang, 2004. "Ageing and international capital flows," CPB Document 43, CPB Netherlands Bureau for Economic Policy Analysis.
    13. Stiller, Silvia, 2000. "Welfare Effects of Demographic Changes in a Ramsey Growth Model," Discussion Paper Series 26285, Hamburg Institute of International Economics.

    More about this item

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General

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