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This note generalizes the Solow-Stiglitz efficiency condition for natural resources to the problem of fossil fuel extraction with a greenhouse effect. The generalized optimality condition suggests that the greenhouse effect implies overextraction in the sense of leaving future generations a...
Persistent link: https://www.econbiz.de/10012775909
This paper develops a theory of intergenerational exchange for generations that are either selfish or have non …-dynastic altruism. The main building blocks of the theory are forward and backward intergenerational goods (FIGs and BIGs) and the …
Persistent link: https://www.econbiz.de/10014157067
In this paper, I show that, under relatively weak conditions, dynastic equilibria are never welfare optima. If a social planner sets policy to maximize a social welfare function, then, except in extreme cases where the planner cares only about a single generation, successive generations will...
Persistent link: https://www.econbiz.de/10014103683
back into the evolution of average fertility across generations. Theory predicts that changes in the relationship between …
Persistent link: https://www.econbiz.de/10012964889
This paper considers dynamic optimal income, education, and bequest taxes in a Barro-Becker dynastic setup. Parents can transfer resources to their children in two ways: First, through education investments, which have heterogeneous and stochastic returns for children, and, second, through...
Persistent link: https://www.econbiz.de/10013022589
In this paper we develop and estimate a factor model of the earnings, labor supply, and wages of young men and young women, their parents and their siblings. We estimate the model using data on matched sibling and parent-child pairs from the National Longitudinal Survey of Labor Market...
Persistent link: https://www.econbiz.de/10013219982
This paper responds to Franco Modigliani's recent critique of our 1981 paper on the importance of intergenerational transfers for U.S. savings. Modigliani's paper is the latest salvo in a long running debate over the importance of intergenerational transfers in explaining savings behavior. While...
Persistent link: https://www.econbiz.de/10013221312
Some of the important implications of the parental investment model of intergenerational mobility have been derived under the assumption that parental income is the main source of heterogeneity. We explicitly model the variability and inheritability of innate' earnings ability and the...
Persistent link: https://www.econbiz.de/10013222056
This paper deals with public debt in open economies, extending Diamond's overlapping generations model to deal with a small openeconor as well as an international eciuilibrium of two large economies. It focuses on the intergenerational welfare redistributions caused by an increase in the public...
Persistent link: https://www.econbiz.de/10013223082
This paper studies how to design a fiscal constitution that, by capitalizing intergenerational spillovers into land values, is able to protect future generations from expropriation and to generate optimal investment in intergenerational public goods. In particular, we study how to accomplish...
Persistent link: https://www.econbiz.de/10013224175