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Revisiting the process of aggregate growth recovery after a capital destruction
Journal of Macroeconomics ( IF 1.556 ) Pub Date : 2021-02-18 , DOI: 10.1016/j.jmacro.2021.103293
Jaime Alonso-Carrera , Stéphane Bouché , Carlos de Miguel

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.



中文翻译:

重新审视资本破坏后的总体增长恢复过程

我们研究了包括社会资本和习惯养成在内的增长模型对遭受资本存量外生破坏的经济体的复苏的影响。习惯表现出非常低的持久性,并且仅根据经验证据表明依赖于上一时期的消耗量。除物质资本外,代理商还投资于社会资本,这些社会资本既产生市场(生产)收益,又产生非市场(效用)收益。我们研究了无限视野模型,并将其与具有习惯养成但没有社会资本的模型进行了比较。我们的框架在生成动态模式时更为有效,该模式可以在重建期间复制主要经济变量的行为。转型开始时对社会资本的大量投资是我们成果的关键因素。

更新日期:2021-02-23
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