Revisiting the process of aggregate growth recovery after a capital destruction
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/35886 |
Resumo: | We study the implications of a growth model including social capital and habit formation concerning the recovery of economies that suffer from an exogenous destruction in their capital stock. Habits exhibit very low persistence and depend only on last period's consumption as suggested by empirical evidence. In addition to physical capital, agents invest in social capital which generates both market (production) and non-market (utility) returns. We study an infinite horizon model and compare its implications to a model with habit formation but without social capital. Our framework is more efficient in generating dynamic patterns that replicate the behavior of the main economic variables during the reconstruction period. High investment in social capital at the beginning of the transition is a key element of our results. |
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Revisiting the process of aggregate growth recovery after a capital destructionEconomic growthHabit formationSocial capitalWe study the implications of a growth model including social capital and habit formation concerning the recovery of economies that suffer from an exogenous destruction in their capital stock. Habits exhibit very low persistence and depend only on last period's consumption as suggested by empirical evidence. In addition to physical capital, agents invest in social capital which generates both market (production) and non-market (utility) returns. We study an infinite horizon model and compare its implications to a model with habit formation but without social capital. Our framework is more efficient in generating dynamic patterns that replicate the behavior of the main economic variables during the reconstruction period. High investment in social capital at the beginning of the transition is a key element of our results.Veritati - Repositório Institucional da Universidade Católica PortuguesaCarrera, Jaime AlonsoBouché, StéphaneMiguel, Carlos de2021-11-09T13:58:51Z2021-062021-06-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.14/35886eng0164-070410.1016/j.jmacro.2021.10329385101343184000652842900001info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-12-19T01:38:00Zoai:repositorio.ucp.pt:10400.14/35886Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:29:08.781444Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Revisiting the process of aggregate growth recovery after a capital destruction |
title |
Revisiting the process of aggregate growth recovery after a capital destruction |
spellingShingle |
Revisiting the process of aggregate growth recovery after a capital destruction Carrera, Jaime Alonso Economic growth Habit formation Social capital |
title_short |
Revisiting the process of aggregate growth recovery after a capital destruction |
title_full |
Revisiting the process of aggregate growth recovery after a capital destruction |
title_fullStr |
Revisiting the process of aggregate growth recovery after a capital destruction |
title_full_unstemmed |
Revisiting the process of aggregate growth recovery after a capital destruction |
title_sort |
Revisiting the process of aggregate growth recovery after a capital destruction |
author |
Carrera, Jaime Alonso |
author_facet |
Carrera, Jaime Alonso Bouché, Stéphane Miguel, Carlos de |
author_role |
author |
author2 |
Bouché, Stéphane Miguel, Carlos de |
author2_role |
author author |
dc.contributor.none.fl_str_mv |
Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Carrera, Jaime Alonso Bouché, Stéphane Miguel, Carlos de |
dc.subject.por.fl_str_mv |
Economic growth Habit formation Social capital |
topic |
Economic growth Habit formation Social capital |
description |
We study the implications of a growth model including social capital and habit formation concerning the recovery of economies that suffer from an exogenous destruction in their capital stock. Habits exhibit very low persistence and depend only on last period's consumption as suggested by empirical evidence. In addition to physical capital, agents invest in social capital which generates both market (production) and non-market (utility) returns. We study an infinite horizon model and compare its implications to a model with habit formation but without social capital. Our framework is more efficient in generating dynamic patterns that replicate the behavior of the main economic variables during the reconstruction period. High investment in social capital at the beginning of the transition is a key element of our results. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-11-09T13:58:51Z 2021-06 2021-06-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/35886 |
url |
http://hdl.handle.net/10400.14/35886 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
0164-0704 10.1016/j.jmacro.2021.103293 85101343184 000652842900001 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799132011652186112 |