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Professor Rangazas’ research field is macro-economic theory. He specifically focuses on inter-generational transfers and their application to current issues. Relevant issues include any government policy or any behavior on the part of individuals which results in resources being diverted from the benefit of older generations towards the benefit of younger generations and vice versa.
An example of these are government borrowing, in that the current generations benefit from the use of borrowed money but future generations must pay back the interest and principal. The social security retirement system is another example, in that with the US style pay-as-you-go system the current generation pays the benefits of the retired generation. This system benefits the young when the population is growing and the retired don't live too long. It benefits the old when population growth is low or stagnant and the retired are healthy and live long after retirement. The results of his research help explain why excessive government borrowing and the current social security system compromise the well-being of future generations of Americans, why the observed decline in the productivity of the average worker is likely to continue long into the future, and why a private school voucher system aimed at the poor is probably a good idea.
Selected Publications:
- “Foreign Aid Policy and the Sources of Poverty: A Quantitative Framework,”
with A. Mourmouras, IMF Staff Papers, February 2007, 54, (forthcoming).
- “Fertility and Development: The Roles of Schooling and Family Production,”
with W. Lord, Journal of Economic Growth, September 2006, 11, 229-262.
- “The Zilcha Criterion for Dynamic Inefficiency,” (coauthored with
Steve Russell) Economic Theory, October 2005, V26,N3,701-716.
- “Human Capital and Growth: An Alternative Accounting,” Topics in Macroeconomics
(Berkeley Electronic Press), September 2005, V5,N1,1-40.
- “Retirement Saving and Development Traps”, with Liqian Ren,
Journal of Development Economics, Vol. 70, 119-132, 2003.
- “The Quantity and Qualty of Schooling and U.S. Labor Productivity
Growth (1870-2000),” Review of Economic Dynamics,
Vol. 5, 932-964, October 2002.
- “Schooling and Economic Growth,” Journal of Monetory Economics,
46, 397-416, 2000.
- “Taxation and Capital Accumulation in a General Equilibrium Model
with Risky human Capital,” with W. Lord, Journal of Macroeconomics
, 20, 509-531, Summer 1998.
- “Vouchers and Competition,” Education Economics, 5, 245-263,
1997.
- “Uncertainty, Altruism, and Savings: Precautionary Savings Meets
the Samaritan's Dilemma,” Public Finance, 50, 404-419, 1995.
- “Vouchers in a Community Choice Model with Zoning,” Quarterly
Review of Economics and Finance, Vol. 35, 15-40, Spring 1995.
- “Fiscal Policy and Endogenous Growth in a Bequest-Constrained Economy,”Oxford
Economics Papers, January 1995.
- “Vouchers and Voting: An Initial Estimate Based on the Median Voter
Model,” Public Choice, Vol. 82, 261-279, 1995.
- "Altruism, Deficit Policies, and the Wealth of Generations," with W. Lord,
Economic Inquiry, 609-630, October 1993.
- “Human Capital Investment with Uncertain Altruism,” with W.
Lord and S. Chakrabarti, American Economic Review, 894- 1002, September
1993.
- “Redistribution and Capital Formation,” American Economic
Review, Vol. 81, 674-682, June 1991.
- “Human Capital Investment in Wealth-Constrained Households with Two-Sided
Altruism,” Economics Letters, Vol. 35, 137-141, March 1991.
- “Savings, Wealth and Interest Elasticities in Models with Altruistic
Bequests,” with W. Lord, American Economic Review, Vol. 81,
289-296, March 1991.
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