The dynamics of bequeathed tastes

De la Croix, David
(1996) Economics Letters — Vol. 53, n° 1, p. 89-96 (1996)

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Abstract
If children inherit life standard aspirations from their parents, then their savings are affected and cycles may appear in overlapping generations (OLG) models with production. At some point of an expansion, aspirations grow faster than wages, savings decrease, and a contraction begins.
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De la Croix, D. (1996). The dynamics of bequeathed tastes. Economics Letters, 53(1), 89-96. https://doi.org/10.1016/S0165-1765(96)00888-9 (Original work published 1996)