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Generational Accounting in the UK

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  • Cardarelli, Roberto
  • Sefton, James
  • Kotlikoff, Laurence J

Abstract

This paper presents the first set of generational accounts for the United Kingdom. We find that under our baseline scenario, in which pensions are price indexed and health expenditure grows modestly, the imbalance in UK generational policy is small when compared with other leading industrial countries like the United States, Japan, and Germany. However, under an alternative policy scenario, where all social benefits are wage-indexed and health care spending is increased, there is a larger fiscal bill left for future generations to pay. In this case, achieving generational balance would require much stronger medicine.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 110 (2000)
Issue (Month): 467 (November)
Pages: F547-74

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Handle: RePEc:ecj:econjl:v:110:y:2000:i:467:p:f547-74

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Postal: Office of the Secretary-General, School of Economics and Finance, University of St. Andrews, St. Andrews, Fife, KY16 9AL, UK
Phone: +44 1334 462479
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Web page: http://www.res.org.uk/
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Cited by:
  1. Ermisch, John, 2008. "Population ageing: crisis or opportunity?," ISER Working Paper Series 2008-38, Institute for Social and Economic Research.
  2. Cormac O'Dea & Ian Preston, 2012. "The distributional impact of public spending in the UK," IFS Working Papers W12/06, Institute for Fiscal Studies.
  3. Kotlikoff, Laurence J., 2002. "Generational policy," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 27, pages 1873-1932 Elsevier.
  4. Alan J. Auerbach, 2003. "Fiscal Policy, Past and Present," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(1), pages 75-138.
  5. Aziz, Omar & Gemmell, Norman & Laws, Athene, 2013. "The Distribution of Income and Fiscal Incidence by Age and Gender: Some Evidence from New Zealand," Working Paper Series 2852, Victoria University of Wellington, Chair in Public Finance.
  6. Kamil Dybczak, 2006. "Generational Accounts in the Czech Republic," Working Papers 2006/2, Czech National Bank, Research Department.
  7. Alan J. Auerbach, 2002. "Is there a role for discretionary fiscal policy?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 109-150.
  8. Conesa, Juan Carlos & Garriga, Carlos, 2013. "Intertemporal discounting and policy selection," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 165-180.
  9. Carlos Garriga & Juan Carlos Conesa, 2008. "Generational Policy and the Measurement of Tax Incidence," 2008 Meeting Papers 977, Society for Economic Dynamics.
  10. Eich, Frank, 2010. "Who will pay? Inter-generational transfers and public sector pensions," EconStor Preprints 54558, ZBW - German National Library of Economics.
  11. repec:dgr:umamet:2003062 is not listed on IDEAS
  12. James Banks & Carl Emmerson, 2000. "Public and private pension spending: principles, practice and the need for reform," Fiscal Studies, Institute for Fiscal Studies, vol. 21(1), pages 1-63, March.
  13. Tatiana Kirsanova & James Sefton, 2006. "A Comparison of National Saving Rates in the UK, US and Italy," NIESR Discussion Papers 278, National Institute of Economic and Social Research.
  14. Pawel Kaczmarczyk, 2013. "Are immigrants a burden for the state budget? Review paper," EUI-RSCAS Working Papers p0356, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
  15. PaweĊ‚ Kaczmarczyk, 2013. "Are immigrants a burden for the state budget? Review paper," RSCAS Working Papers 2013/79, European University Institute.

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