Fiscal policy in a growth model with bequest-as-consumption
AbstractThis paper analyses a growth model wherein saving results from bequestas-consumption. It first 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 altruistic (dynastic) model and in the overlapping generation model without intergenerational transfers.
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Bibliographic InfoPaper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2001009.
Date of creation: 00 Feb 2001
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bequests; ﬁscal policy; optimal growth;
Find related papers by JEL classification:
- D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy
- H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
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