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Dobrescu, Loretti - 2009

estimating two models in which society makes consumption and labor supply decisions in light of uncertainty over future …

Persistent link: https://www.econbiz.de/10012765576

A Strategic Altruism Model in Which Ricardian Equivalence Does Not Hold

Kotlikoff, Laurence J.; Razin, Assaf; Rosenthal, Robert W. - 2021

consumption in altruistic settings, potential recipients can threaten to refuse as well as accept transfers. We apply the Extended … choose a threat point noncooperatively; this threat point then influences the final allocation of consumption through the … endowments and the equilibrium threats, and thus the final allocation of consumption. The feature of the cooperative model …

Persistent link: https://www.econbiz.de/10013227518

Generational Policy

Kotlikoff, Laurence J. - 2021

Generational policy is a fundamental aspect of a nation's fiscal affairs. The policy involves redistributing resources across generations and allocating to particular generations the burden of paying the government's bills. This chapter of the second edition of The Handbook of Public Economics...

Persistent link: https://www.econbiz.de/10013231998

Optimal Life-Cycle Investing with Flexible Labor Supply : A Welfare Analysis of Life-Cycle Funds

Gomes, Francisco - 2010

We investigate optimal consumption, asset accumulation and portfolio decisions in a realistically calibrated life …

Persistent link: https://www.econbiz.de/10012759350

Russia's Fiscal Gap

Goryunov, Eugene - 2013

Every country faces what economists call an intertemporal (across time) budget constraint, which requires that its government's future expenditures, including the servicing of its outstanding official debt, be covered by its government's future receipts when measured in present value. The...

Persistent link: https://www.econbiz.de/10013073203

Game Over : Simulating Unsustainable Fiscal Policy

Evans, Richard W. - 2014

Fiscal sustainability is one of the most pressing policy issues of our time. Yet it remains difficult to quantify. Official debt is plagued with a number of measurement difficulties since its measurement reflects the choice of words, not policies. And forming the fiscal gap-the imbalance in the...

Persistent link: https://www.econbiz.de/10013064889

Demographics, Fiscal Policy, and U.S. Saving in the 1980s and Beyond

Auerbach, Alan J. - 2010

This paper focuses on U.S. saving, demographics, and fiscal policy. We use data from the Consumer Expenditure Surveys of the 1980s to consider the effect of demographic change on past and future U.S. saving rates. Our findings indicate that demographic change may significantly alter the U.S....

Persistent link: https://www.econbiz.de/10012760152

Laws as Assets : a Possible Solution to the Time Consistency Problem

Kotlikoff, Laurence J. - 2010

This paper presents a new solution to the time-consistency problem that appears capable of enforcing ex ante policy in a variety of settings in which other enforcement mechanisms do not work. The solution involves formulating a law, institution, or agreement that specifies the optimal ex ante...

Persistent link: https://www.econbiz.de/10012760314

From Deficit Delusion to the Fiscal Balance Rule : Looking for an Economically Meaningful Way to Assess Fiscal Policy

Kotlikoff, Laurence J. - 2022

equal to the flow of government consumption less interest on the difference between a) the value of the economy's capital … stock and b) the present value difference between the future consumption and future labor earnings of existing older …

Persistent link: https://www.econbiz.de/10013324624

Generational Accounting in General Equilibrium

Fehr, Hans; Kotlikoff, Laurence J. - 2021

This paper shows how changes in generational accounts relate to the generational incidence of fiscal policy. To illustrate the relationship, it uses the Auerbach-Kotlikoff Dynamic Life-Cycle Simulation Model to compare policy-induced changes in generational accounts with actual changes in...

Persistent link: https://www.econbiz.de/10013313239