Generational Accounting: A New Approach to Understanding the Effects of Fiscal Policy on Saving
AbstractAn alternative to deficit accounting is proposed for understanding the government's treatment of current and future generations. The alternative, called generational accounting, is based on the government's intertemporal budget constraint. Generational accounting is used to describe the redistributive and saving impacts of four alternative policies. The findings indicate that the fiscal deficit is thoroughly unreliable as a measure of either generational policy or the policy-induced stimulus to aggregate demand. The findings also suggest that fiscal policies that redistribute across generations can have important effects on national saving rates. Copyright 1992 by The editors of the Scandinavian Journal of Economics.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.
Volume (Year): 94 (1992)
Issue (Month): 2 ()
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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442
Other versions of this item:
- Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational accounting: a new approach for understanding the effects of fiscal policy on saving," Working Paper 9107, Federal Reserve Bank of Cleveland.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991.
"Generational Accounts - A Meaningful Alternative to Deficit Accounting,"
NBER Working Papers
3589, National Bureau of Economic Research, Inc.
- Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational Accounts: A Meaningful Alternative to Deficit Accounting," NBER Chapters, in: Tax Policy and the Economy, Volume 5, pages 55-110 National Bureau of Economic Research, Inc.
- Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational accounts: a meaningful alternative to deficit accounting," Working Paper 9103, Federal Reserve Bank of Cleveland.
- Kotlikoff, Laurence J, 1984.
"Taxation and Savings: A Neoclassical Perspective,"
Journal of Economic Literature,
American Economic Association, vol. 22(4), pages 1576-1629, December.
- Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 905-26, Sept./Oct.
- Summers, Lawrence H, 1981. "Capital Taxation and Accumulation in a Life Cycle Growth Model," American Economic Review, American Economic Association, vol. 71(4), pages 533-44, September.
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