Fiscal Policy in an Overlapping Generations Model with Bequest-as-Consumption
AbstractThis paper analyzes an overlapping generation (OLG) growth model wherein saving finances second period consumption and bequest-as-consumption. First, it looks at the market equilibrium and at the optimal solution; then it turns to the issue of decentralizing the optimal solution with various taxes and transfers. Depending on the available instruments, either a first-best or a second-best optimum can be achieved. Throughout the paper, the results are contrasted with those obtained in the standard OLG model without intergenerational transfers. Copyright 2004 Blackwell Publishing Inc..
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Bibliographic InfoArticle provided by Association for Public Economic Theory in its journal Journal of Public Economic Theory.
Volume (Year): 6 (2004)
Issue (Month): 3 (08)
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- MICHEL, Philippe & PESTIEAU, Pierre, . "Fiscal policy in an overlapping generations model with bequest-as-consumption," CORE Discussion Papers RP -1988, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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