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Fiscal policy in a growth model with bequest-as-consumption

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  • MICHEL, Philippe
  • PESTIEAU, Pierre

Abstract

This 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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File URL: http://alfresco.uclouvain.be/alfresco/download/attach/workspace/SpacesStore/335b8f6a-5a35-4de8-bbdd-c51065657f21/coredp_2001_09.pdf
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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2001009.

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Date of creation: 00 Feb 2001
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Handle: RePEc:cor:louvco:2001009

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Related research

Keywords: bequests; fiscal policy; optimal growth;

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References

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  1. Chamley, Christophe, 1986. "Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives," Econometrica, Econometric Society, vol. 54(3), pages 607-22, May.
  2. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
  3. MICHEL, Philippe & PESTIEAU, Pierre, . "Fiscal policy when individuals differ with regard to altruism and labor supply," CORE Discussion Papers RP -1381, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Louis Kaplow, 2000. "A Framework for Assessing Estate and Gift Taxation," NBER Working Papers 7775, National Bureau of Economic Research, Inc.
  5. 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).
  6. Glomm, Gerhard & Ravikumar, B, 1992. "Public versus Private Investment in Human Capital Endogenous Growth and Income Inequality," Journal of Political Economy, University of Chicago Press, vol. 100(4), pages 818-34, August.
  7. Atkinson, A B & Sandmo, A, 1980. "Welfare Implications of the Taxation of Savings," Economic Journal, Royal Economic Society, vol. 90(359), pages 529-49, September.
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Cited by:
  1. Johann K. Brunner, 2010. "Die Erbschaftssteuer im Modell der optimalen Besteuerung," Economics working papers 2010-14, Department of Economics, Johannes Kepler University Linz, Austria.

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