Summary.
Using the savers-spenders theory developed by Mankiw (2000, AER), we propose microfoundations to the existence of rentiers in macroeconomic growth models. From an OLG model which acknowledges the great heterogeneity of consumer behavior apparent in the data, we capture the dynamic considerations of potential rentiers as a natural consequence of intertemporal utility maximization and we analyze realistic characteristics (proportion, wealth, propensity to save) of rentiers.
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JEL Classification Numbers:
E13, D64, J22.
This paper is adapted from the fourth chapter of my Ph.D Thesis. Then, I thank Alain VENDITTI, my Ph.D Supervisor and Antoine d’AUTUME and Pierre PESTIEAU my Ph.D Referees. Earlier version of this paper were presented at the International conference: New perspectives on (un)stability: the role of heterogeneity at Marseille, June 7-9, 2001 and at the X-th Spring School of the Associated European Laboratory (CNRS-FNRS/CORE-GREC-GREQAM) at Aix, 2001. I thank conference participants, in particular Olivier CHARLOT, Christian GHIGLINO, Kiminori MATSUYAMA and Philippe MICHEL for suggestions, helpful comments and discussions. I also thank a referee of this journal for his constructive comments.
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Thibault, E. Existence and specific characters of rentiers: a savers-spenders theory approach. Economic Theory 25, 401–419 (2005). https://doi.org/10.1007/s00199-003-0430-z
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DOI: https://doi.org/10.1007/s00199-003-0430-z