Chapter 3. Analyzing Fiscal Policies in a Heterogeneous-Agent Overlapping-Generations Economy

The overlapping generations (OLG) life-cycle model with heterogeneous agents has become the main workhorse for evaluating the welfare and macroeconomic effects of major fiscal policy changes, including reforms to tax and social insurance systems. This chapter shows how to construct and solve a OLG model with idiosyncratic shocks, which allows for analyzing the inter- and intra-generational welfare and macroeconomic impact of policy changes.

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Year of publication:	2014
Authors:	Nishiyama, Shinichi ; Smetters, Kent
Published in:	Handbook of computational economics : volume 3. - Amsterdam : Elsevier, ISBN 0-444-89857-3. - 2014, p. 117-160
Subject:	Life cycle \| Overlapping generations \| Dynamic programming \| Fiscal policy \| Welfare \| Finanzpolitik \| Overlapping Generations \| Theorie \| Theory \| Lebenszyklus

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Type of publication:	Article
Language:	English
Other identifiers:	10.1016/B978-0-444-52980-0.00003-7 [DOI]
Classification:	D91 - Intertemporal Consumer Choice; Life Cycle Models and Saving ; E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation ; H31 - Household
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014025719