In this paper we show that, when endogenous fertility choices are accounted for, the traditional rule provided by Diamond (1965) should be amended in order to effectively implement the first best allocation of an OLG economy, even in the presence a non distortionary tax for financing national...

In this paper we explore the impact of demographic variables on the aggregate propensity to save (PS), on the aggregate wealth income ratio (WIR) and on the distribution of wealth (WD), in the life cycle (LC) "egalitarian" model. We depart from Modigliani and Brumberg (1954) and Atkinson (1971)...

In this paper we show that the neoclassical standard OLG growth model, under low substitution in preferences and technology, may generate three stable steady states. In particular we show the richness of the dynamical roles played by the intertemporal substitution parameter. The novelty of our...

The paper extends the works by Judd [K.L. Judd, Redistributive Taxation in a Simple Perfect Foresight Model, J. Public Econ. 28 (1985), 59-83.] and Chamley [C. Chamley, Optimal taxation of capital income in general equilibrium with infinite lives, Econometrica, 54 (1986), 607-622.], who...

The issue of inheritance taxation is very similar to that of capital income taxation, once they are analyzed within the optimal taxation framework: should one tax own future consumption and estate (i.e. perspective heirs’ consumption) more than own present consumption? As for capital income...

We adopt the traditional competitive OLG model a la' Samuelson (1958)-Diamond (1965) with two-period-living individuals, fixed fertility rates and labor supply, where the government can pursue retributive policies between generations by levying levy lump sum taxes/subsidies. By using standard...