Optimal Education and Pension Policy in a Growth Model

成長模型的最適教育與退休金政策

10.6277/TER.202212_50(4).0004

Been-Lon Chen(陳明郎)；Mei Hsu(徐美)；Chih-Fang Lai(賴志芳)

growth model ； human capital externality ； education policy ； intergenerational transfers ； 成長模型 ； 人力資本外部性 ； 教育政策 ； 跨代移轉

經濟論文叢刊

50卷4期（2022 / 12 / 01）

461 - 481

英文;繁體中文

In OLG economies with physical and human capital, the growth path of the decentralized market equilibrium fails to achieve optimality, because individuals’ accumulation of physical and human capital is in general different from that which maximizes welfare along the Golden Rule path. In an OLG model with the education technology being homogeneous of degree one in education input and a parental human capital externality, Del Rey and Lopez-Garcia (2013) found that education taxes with pensions can attain the Golden Rule social optimum. However, the empirical evidence suggests a weak parental human capital externality. Our paper shows that it is optimal to subsidize, rather than to tax, education, when the parental human capital externality is smaller when the education technology is homogeneous with less than one degree.

在同時具有實體資本和人力資本的疊代經濟體中，因為個人的實體資本和人力資本累積偏離了黃金法則路徑（Golden Rule path），故市場經濟的成長軌跡無法達到最適。Del Rey and Lopez-Garcia（2013）發現，當教育技術在自身教育投入和父母人力資本外部性之間為一階齊次時，對教育課稅融通退休金的政策可幫助達成黃金法則路徑。然而實證證據顯示父母的人力資本外部性十分薄弱。本篇研究展示一旦父母人力資本外部性較弱，使得教育技術的階次小於一時，達成黃金法則路徑的最適政策為對教育補貼而非課稅。

1. Abel, Andrew B.,Mankiw, N. Gregory,Summers, Lawrence H.,Zeckhauser, Richard J.(1989).Assessing Dynamic Efficiency: Theory and Evidence.Review of Economic Studies,56(1),1-19.
2. Acemoglu, Daron,Angrist, Joshua(2000).How Large Are Human-Capital Externalities? Evidence from Compulsory Schooling Laws.NBER Macroeconomics Annual,15,9-59.
3. Barro, Robert J.,Lee, Jong-Wha(1993).International Comparisons of Educational Attainment.Journal of Monetary Economics,32(3),363-394.
4. Bishnu, Monisankar(2013).Linking Consumption Externalities with Optimal Accumulation of Human and Physical Capital and Intergenerational Transfers.Journal of Economic Theory,148(2),720-742.
5. Boldrin, Michele,Montes, Ana(2005).The Intergenerational State Education and Pensions.Review of Economic Studies,72(3),651-664.
6. Card, David(1999).The Causal Effect of Education on Earnings.Handbook of Labor Economics,Amsterdam:
7. Chen, Yunmin,Chien, YiLi,Yang, C. C.(2017).Federal Reserve Bank of St. Louis Working PaperFederal Reserve Bank of St. Louis Working Paper,未出版
8. Ciccone, Antonio,Perri, Giovanni(2006).Identifying Human-capital Externalities: Theory with Applications.Review of Economic Studies,73(2),381-412.
9. De la Croix, David,Ponthiere, Gregory(2010).On the Golden rule of Capital Accumulation Under Endogenous Longevity.Mathematical Social Sciences,59(2),227-238.
10. Del Rey, Elena,Lopez-Garcia, Miguel-Angel(2013).Optimal Education and Pensions in An Endogenous Growth Model.Journal of Economic Theory,148(4),1737-1750.
11. Diamond, Peter A.(1965).National Debt in a Neoclassical Growth Model.American Economic Review,55(5),1126-1150.
12. Docquier, Frédéric,Paddison, Oliver,Pestieau, Pierre(2007).Optimal Accumulation in An Endogenous Growth Setting with Human Capital.Journal of Economic Theory,134(1),361-378.
13. Erosa, Andres,Koreshkova, Tatyana(2007).Progressive Taxation in a Dynastic Model of Human Capital.Journal of Monetary Economics,54(3),667-685.
14. Futagami, Koichi,Yanagihra, Mitsuyoshi(2008).Private and Public Education: Human Capital Accumulation Under Parental Teaching.Japanese Economic Review,59,275-291.
15. Galor, Oded,Moav, Omer(2006).Das Human Kapital: A Theory of the Demise of the Class Structure.Review of Economic Studies,73(1),85-117.
16. Gestsson, Marias H.,Zoega, Gylfi(2019).The Golden Rule of Longevity.Macroeconomic Dynamics,23(1),384-419.
17. Heckman, James J.(2000).Policies to Foster Human Capital.Research in Economics,54(1),3-56.
18. Kuhle, Wolfgang(2012).Dynamic Efficiency and the Two-Part Golden Rule with Heterogeneous Agents.Journal of Macroeconomics,34(4),992-1006.
19. Lange, Fabian,Topel, Robert H.(2006).The Social Value of Education and Human Capital.Handbook of the Economics of Education,Amsterdam:
20. Lucas, Robert E.(1988).On the Mechanics of Economic Development.Journal of Monetary Economics,22(1),3-42.
21. Ohtaki, Eisei(2013).Golden Rule Optimality in Stochastic OLG Economies.Mathematical Social Sciences,65(1),60-66.
22. Ortigueira, Salvador,Santos, Manuel S.(1997).On the Speed of Convergence in Endogenous Growth Models.American Economic Review,87(3),383-399.
23. Phelps, Edmund S.(1961).The Golden Rule of Accumulation: A Fable for Growthmen.American Economic Review,51(4),638-643.
24. Romer, Paul M.(1986).Increasing Returns and Long-Run Growth.Journal of Political Economy,94(5),1002-1037.
25. Rudd, Jeremy(2000).Finance and Economics Discussion SeriesFinance and Economics Discussion Series,Washington:Board of Governors of the Federal Reserve System.
26. Samuelson, Paul A.(1968).The Two-Part Golden Rule Deduced as the Asymptotic Turnpike of Catenary Motions.Economic Journal,6(2),85-89.
27. Yamarik, Steven J.(2008).Estimating Returns to Schooling from State-Level Data: A Macro-Mincerian Approach.B. E. Journal in Macroeconomics,8(1),747-752.
28. Zilcha, Itzhak(1990).Dynamic Efficiency in Overlapping Generations Models with Stochastic Production.Journal of Economic Theory,52(2),364-379.