Template-type: ReDif-Paper 1.0 
Author-Name: Ziesemer, Thomas
Author-Email: t.ziesemer@maastrichtuniversity.nl
Author-workplace-name: UNU-MERIT, and SBE, Maastricht University
Title: The serendipity theorem for an endogenous open economy growth model
Abstract: A Samuelsonian serendipity theorem for an endogenous growth model is 
	 derived. The formula for optimal population growth rate deviates from 
	 those of the model with exogenous population growth rates in a third 
	 best endogenous growth model of the Lucas type with imperfect 
	 international capital movements and human capital externalities. 
	 Calibration shows that the effect of variation of the exogenous 
	 population growth rates on other variables and the deviation of 
	 population growth rates from its optimal value are small. The reason is 
	 that labour supply, interest rates and technical change are endogenous. 
	 There is not much of an incentive for population growth policy unless 
	 Frisch parameters change with ageing.
Keywords: Open economy, endogenous growth, human capital, serendipity theorem,
	 ageing
Classification-JEL: F43, J11, J22, J24, O11, O15, O41
Series: UNU-MERIT Working Papers
Creation-Date: 20180109
Number: 2018-001
File-URL: https://unu-merit.nl/publications/wppdf/2018/wp2018-001.pdf
File-Format: application/pdf
File-Size: 275 kb
Handle: RePEc:unm:unumer:2018001