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a sniall proportion of ohserved wealth heterogeneitv. The introduction of an inheritance tax increases both welfare are …
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This paper analyzes the welfare effects of altruism on the optimal fiscal policy. The existence of positive bequests links present and future generations in the economy. We show that these altruistic links provide a new role for indirect taxation (consumption and estate taxes) with important...
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This paper analyzes the welfare implications of children’s enfranchisement within a political economy framework that … excludes children from the electorate, when the fertility rate is low, and Pareto-reducing when the fertility rate is high …
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When markets are incomplete, social security can partially insure against idiosyncratic and aggregate risks. We incorporate both risks into an analytically tractable model with two overlapping generations and demonstrate that they interact over the life-cycle. The interactions appear even though...
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