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Intergenerational Risk Sharing
Gordon, Roger H. - 1985
In this paper, we argue that in designing government debt and tax-transfer policies, it is important to consider their implications for the allocation of risk between generations. There is no reason to presume that the market or the family can allocate risk efficiently to future generations,...
Persistent link: https://www.econbiz.de/10012477349
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Social Security and Labor Supply Incentives
Gordon, Roger H. - 1982
Many provisions of the Social Security Program distort an individual's labor supply incentives. In particular, the payroll tax, the earnings test, the offsetting actuarial adjustment, and the dependence of the size of future benefits on the level of current earnings all affect the net return to...
Persistent link: https://www.econbiz.de/10012478119
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Social Security, Bequests, and the Life Cycle Theory of Saving : Cross-Sectional Tests
Blinder, Alan S. - 1981
tendency to decline with age, in apparent contradiction of the life-cycle theory of saving. However, a broadened concept of …") does decline more or less as predicted by the theory. No matter how they are defined, assets are a decreasing function of … issues econometrically, an equation for assets is developed from the strict life-cycle theory. The specification is …
Persistent link: https://www.econbiz.de/10012478504
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Reconsidering the Work Disincentive Effects of Social Security
Blinder, Alan S. - 1980
This paper shows that, contrary to commonly held views, the provisions of the social security law actually provide strong work incentives for older men. The reason is that, for most workers, higher current earnings lead to higher future social security benefits. These incentives have been...
Persistent link: https://www.econbiz.de/10012478571
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Inflation Stabilization and Welfare : The Case of a Distorted Steady State
Benigno, Pierpaolo - 2004
This paper considers the appropriate stabilization objectives for monetary policy in a microfounded model with staggered price-setting. Rotemberg and Woodford (1997) and Woodford (2002) have shown that under certain conditions, a local approximation to the expected utility of the representative...
Persistent link: https://www.econbiz.de/10012467851
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Inflation Stabilization and Welfare
Woodford, Michael - 2001
This paper derives loss functions for monetary policy that are grounded in the welfare of private agents, for optimizing models with nominal price rigidities. Inflation stabilization enhances welfare, insofar as variable inflation results in real distortions when prices are not adjusted...
Persistent link: https://www.econbiz.de/10012470658
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Tax Structure and Government Behavior : Implications for Tax Policy
Gordon, Roger H. - 1999
Changes in tax policy can affect all aspects of the economy. Not only do firms and individuals change behavior, creating efficiency costs, but government expenditure choices can also change. Unless these expenditure choices had been optimal' previously, changes in response to a tax reform affect...
Persistent link: https://www.econbiz.de/10012471546
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An Optimal Taxation Approach to Fiscal Federalism
Gordon, Roger H. - 1982
In a Federal system of government, each unit of government decides independently how much of each type of public good to provide, and what types of taxes, and which tax rates, to use in funding the public goods. In this paper we explore what types of problems can arise from this decentralized...
Persistent link: https://www.econbiz.de/10012478100
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Optimal Monetary and Fiscal Policy in a Liquidity Trap
Eggertsson, Gauti B. - 2004
In previous work (Eggertsson and Woodford, 2003), we characterized the optimal conduct of monetary policy when a real disturbance causes the natural rate of interest to be temporarily negative, so that the zero lower bound on nominal interest rates binds, and showed that commitment to a...
Persistent link: https://www.econbiz.de/10012467849
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Optimal Monetary and Fiscal Policy : A Linear Quadratic Approach
Benigno, Pierpaolo - 2003
We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky and the only available sources of government revenue are distorting taxes. Our linear-quadratic approach allows us to nest both conventional analyses of optimal...
Persistent link: https://www.econbiz.de/10012468792