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Altruism, intergenerational transfers of time and bequests

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  • Cardia, Emanuela
  • Michel, Philippe

Abstract

This paper uses a standard two-period overlapping generation model to examine the behavior of an economy where both intergenerational transfers of time and bequests are available. While bequests have been examined extensively, time transfers have received little or no attention in the literature. Assuming a log-linear utility function and a Cobb-Douglas production function, we derive an explicit solution for the dynamics and show that altruistic intergenerational time transfers can take place in presence of a binding non-negativity constraint on bequests. We also show that with either type of transfers capital is an increasing function of the intergenerational degree of altruism. However, while with time transfers the labor supply of the young increases with the degree of altruism, with bequests it may decrease

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

Volume (Year): 28 (2004)
Issue (Month): 8 (June)
Pages: 1681-1701

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Handle: RePEc:eee:dyncon:v:28:y:2004:i:8:p:1681-1701

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References

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  1. JOUVET, Pierre-André & MICHEL, Philippe & VIDAL, Jean-Pierre, 1997. "Intergenerational altruism and the environment," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 1997041, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Emanuela Cardia & Serena Ng, 2003. "Intergenerational Time Transfers and Childcare," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(2), pages 431-454, April.
  3. Weil, Philippe, 1987. "Love thy children : Reflections on the Barro debt neutrality theorem," Journal of Monetary Economics, Elsevier, Elsevier, vol. 19(3), pages 377-391, May.
  4. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
  5. Burbidge, John B, 1983. "Government Debt in an Overlapping-Generations Model with Bequests and Gifts," American Economic Review, American Economic Association, vol. 73(1), pages 222-27, March.
  6. David DE LA CROIX & Philippe MICHEL, 2001. "Altruism and Self-Restraint," Annales d'Economie et de Statistique, ENSAE, issue 63-64, pages 233-259.
  7. IOANNIDES , Yannis & KAN , Kamhon, 1994. "The Nature of Two-Direction Intergenerational Transfers of Money and Time : An Empirical Analysis," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 1994033, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Andrew B. Abel, 1988. "Operative Gift and Bequest Motives," NBER Working Papers 2331, National Bureau of Economic Research, Inc.
  9. MICHEL, Ph. & PESTIEAU, P., . "Fiscal policy in a growth model with both altruistic and nonaltruistic agents," CORE Discussion Papers RP -1301, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Michel, Philippe, 1990. "Some Clarifications on the Transversality Condition," Econometrica, Econometric Society, Econometric Society, vol. 58(3), pages 705-23, May.
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Cited by:
  1. Abdelkrim Seghir & Juan Pablo Torres-Martinez, 2006. "Wealth transfers and the role of collateral when lifetimes are uncertain," Textos para discussão 527, Department of Economics PUC-Rio (Brazil).
  2. Atsue Mizushima, 2008. "Intergenerational Transfers of Time and Public Long-term Care with an Aging Population," Economics Working Papers ECO2008/36, European University Institute.
  3. Elisabeth Hermann Frederiksen, 2006. "Spending Natural Resource Revenues in an Altruistic Growth Model," EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics 06-09, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  4. Rydell, Ingrid, 2005. "Equity, Justice, Interdependence: Intergenerational Transfers and the Ageing Population," Arbetsrapport, Institute for Futures Studies 2005:5, Institute for Futures Studies.
  5. Palmisani, Cesare, 2008. "Una rassegna su alcuni modelli di crescita economica tipo Solow con dinamica caotica," MPRA Paper 9506, University Library of Munich, Germany.

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