@TechReport{iza:izadps:dp2081,
            	author={Docquier, Frédéric and Paddison, Oliver and Pestieau, Pierre},
            	title={Optimal Accumulation in an Endogenous Growth Setting with Human Capital},
            	year={2006},
	month={Apr},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={2081},
            	url={https://www.iza.org/index.php/publications/dp2081},
	abstract={This paper considers a three-overlapping-generations model of endogenous growth wherein human capital is the engine of growth. It first contrasts the laissez-faire and the optimal solutions. Three possible accumulation regimes are distinguished. Then it discusses a standard set of tax-transfer instruments that allow for decentralization of the social optimum. Within the limits of our model, the rationale for the standard pattern of intergenerational transfers (the working-aged financing the education of the young and the pension of the old) is seriously questioned. On pure efficiency grounds, the case for generous public pensions is rather weak.},
	keywords={endogenous growth;human capital;intergenerational transfers},
            }