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The taxation of capital returns in overlapping generations economies without Financial assets
Davila, Julio - Center for Operations Research and Econometrics (CORE), … - 2008
I show in this paper that in an overlapping generations economy with production à la Diamond (1970) in which the agents can only save in terms of capital (i.e. with no asset bubbles à la Tirole (1985) or public debt as in Diamond (1965)), there is a period-by- period balanced fiscal policy...
Persistent link: https://www.econbiz.de/10005042963
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Earlier Or Later: A General Equilibrium Analysis of Bringing Forward an Already Announced Tax Reform
Honerkamp, Josef; Moog, Stefan; Raffelhüeschen, Bernd - EconWPA - 2004
The German Income Tax Reform 2000, which announced a reduction in income tax rates to be implemented in a series of three stages, was welcomed by the public as a step towards unleashing lurking growth potentials. Nonetheless, in the course of the year 2001 a dispute arose, centering around the...
Persistent link: https://www.econbiz.de/10005556934
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Earlier or Later: A General Equilibrium Analysis of Bringing Forward an Already Announced Tax Reform
Honerkamp, Josef; Moog, Stefan; Raffelhüschen, Bernd - Institut für Volkswirtschaftslehre und … - 2004
The German Income Tax Reform 2000, which announced a reduction in income tax rates to be implemented in a series of three stages, was welcomed by the public as a step towards unleashing lurking growth potentials. Nonetheless, in the course of the year 2001 a dispute arose, centering around the...
Persistent link: https://www.econbiz.de/10010980897
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Money, capital and the Pigou effect
Mansoorian, Arman - In: Economics Letters 117 (2012) 1, pp. 354-356
The effect of inflation on the capital stock is considered in an overlapping generations framework with a Cash-in-Advance constraint on consumption expenditures. The adjustment mechanism underlying the model is that of a traditional model with the real balance effect on savings.
Persistent link: https://www.econbiz.de/10010580470
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The Balassa-Samuelson Hypothesis and Elderly Migration
Montealegre, Oscar Iván Ávila; Acosta, Mauricio Rodríguez - In: ENSAYOS SOBRE POLÍTICA ECONÓMICA (2014)
We present a model with two Overlapping Generations (young and old) and two final goods: a) a tradable good that is produced using capital and labor, and b) a non-tradable good that is produced using labor as unique input. We maintain the fundamental assumption of perfect factor mobility between...
Persistent link: https://www.econbiz.de/10011122607
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Pension Systems and the Allocation of Macroeconomic Risk
Bovenberg, A Lans; Uhlig, Harald - C.E.P.R. Discussion Papers - 2006
This paper explores the optimal risk sharing arrangement between generations in an overlapping generations model with … endogenous growth. We allow for nonseparable preferences, paying particular attention to the risk aversion of the old as well as … overall 'life-cycle' risk aversion. We provide a fairly tractable model, which can serve as a starting point to explore these …
Persistent link: https://www.econbiz.de/10005662132
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Devaluation (Levels versus Rates) and Balance of Payments in a Cash-in-Advance Economy
Petrucci, Alberto - Centro di Studi Internazionali Sull'Economia e la … - 2003
This paper investigates the consequences of the currency devaluation, both in levels and rates, on the balance of payments in a cash-in-advance economy with finite horizons, endogenous capital accumulation and international capital immobility. In this context, a once and for all currency...
Persistent link: https://www.econbiz.de/10005450619
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Temptation and social security in a dynastic framework
Kumru, Cagri S.; Tran, Chung - In: European Economic Review 56 (2012) 7, pp. 1422-1445
We investigate welfare and aggregate implications of a pay-as-you-go (PAYG) social security system in a dynastic framework in which individuals have self-control problems. The presence of self-control problems induces individuals to save less because of their urge for temptation towards current...
Persistent link: https://www.econbiz.de/10010580678
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The taxation of capital returns in overlapping generations models
Dávila, Julio - In: Journal of Macroeconomics 34 (2012) 2, pp. 441-453
This paper shows that in the Diamond (1965) overlapping generations economy with production and capital savings, there is a period-by-period balanced fiscal policy supporting a steady state allocation that Pareto-improves upon the laissez-faire competitive equilibrium steady state (whether...
Persistent link: https://www.econbiz.de/10011065352
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The Distributional Effects of Redistributional Tax Policy
DeBacker, Jason; Evans, Richard W.; Magnusson, Evan; … - Department of Economics, Brigham Young University - 2014
, taxes, and mortality risk. We consider the effects of two policies: an increase in income tax rates and a progressive wealth …
Persistent link: https://www.econbiz.de/10011273947