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Fiscal Policy in an Overlapping Generations Model with Bequest-as-Consumption

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  • Philippe Michel
  • Pierre Pestieau

Abstract

This 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 Info

Article provided by Association for Public Economic Theory in its journal Journal of Public Economic Theory.

Volume (Year): 6 (2004)
Issue (Month): 3 (08)
Pages: 397-407

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Handle: RePEc:bla:jpbect:v:6:y:2004:i:3:p:397-407

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Cited by:
  1. Garriga, Carlos & Sánchez-Losada, Fernando, 2009. "Indirect taxation and the welfare effects of altruism on the optimal fiscal policy," Economic Modelling, Elsevier, Elsevier, vol. 26(6), pages 1365-1374, November.
  2. Michel, Philippe & Thibault, Emmanuel & Vidal, Jean-Pierre, 2006. "Intergenerational altruism and neoclassical growth models," Handbook on the Economics of Giving, Reciprocity and Altruism, Elsevier, Elsevier.
  3. Helmuth Cremer & Pierre Pestieau, 2003. "Wealth Transfer Taxation: A Survey," CESifo Working Paper Series 1061, CESifo Group Munich.
  4. Grossmann, Volker & Poutvaara, Panu, 2006. "Pareto-Improving Bequest Taxation," IZA Discussion Papers 2277, Institute for the Study of Labor (IZA).
  5. Kazi Iqbal & Stephen J. Turnovsky, 2008. "Intergenerational Allocation of Government Expenditures: Externalities and Optimal Taxation," Journal of Public Economic Theory, Association for Public Economic Theory, Association for Public Economic Theory, vol. 10(1), pages 27-53, 02.
  6. Carlos Garriga & Fernando Sánchez-Losada, 2009. "Estate taxation with warm-glow altruism," Portuguese Economic Journal, Springer, Springer, vol. 8(2), pages 99-118, August.
  7. CREMER, Helmuth & PESTIEAU, Pierre, 2004. "The tax treatment of intergenerational wealth transfers," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 2004062, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Staffolani, Stefano & Valentini, Enzo, 2007. "Bequest taxation and efficient allocation of talents," Economic Modelling, Elsevier, Elsevier, vol. 24(4), pages 648-672, July.

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