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Operative Gift and Bequest Motives

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Author Info
Andrew B. Abel

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Abstract

The Ricardian Equivalence Theorem, which is the proposition that changes in the timing of lump-sum taxes have no effect on consumption or capital accumulation, depends on the existence of operative altruistic motives for intergenerational transfers. These transfers can be bequests from parents to children or gifts from children to parents. In order for the Ricardian Equivalence Theorem to hold, one of these transfer motives must be operative in the sense that the level of the transfer is not determined by a corner solution resulting from a binding non-negativity constraint. This paper derives conditions that determine whether the bequest motive will be operative, the gift motive will be operative, or neither motive will be operative in a model in which consumers are altruistic toward their parents and their children.

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Paper provided by Wharton School Rodney L. White Center for Financial Research in its series Rodney L. White Center for Financial Research Working Papers with number 9-87.

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Handle: RePEc:fth:pennfi:9-87

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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.:
  1. Fischer, Stanley, 1973. "A Life Cycle Model of Life Insurance Purchases," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(1), pages 132-52, February. [Downloadable!] (restricted)
  2. Abel, Andrew B, 1985. "Precautionary Saving and Accidental Bequests," American Economic Review, American Economic Association, vol. 75(4), pages 777-91, September. [Downloadable!] (restricted)
  3. 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. [Downloadable!] (restricted)
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  1. Andrew B. Abel, 1987. "An Analysis of Fiscal Policy Under Operative and Inoperative Bequest Motives," NBER Working Papers 2298, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. de la Croix, David & Michel, Philippe, 1997. "Altruism and self-refrain," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 1998010, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), revised 00 Apr 1998. [Downloadable!]
  3. Becker, Torbjörn, 1995. "Government Debt and Private Consumption: Theory and Evidence," Working Paper Series in Economics and Finance 71, Stockholm School of Economics. [Downloadable!]
  4. Barnett, Richard C & Bhattacharya, Joydeep & Bunzel, Helle, 2008. "Deviant Generations, Ricardian Equivalence, and Growth Cycles," Staff General Research Papers 12939, Iowa State University, Department of Economics. [Downloadable!]
  5. CARDIA, Emanuela & MICHEL, Philippe, 2003. "Altruism, Intergenerational Transfers of Time and Bequests," Cahiers de recherche 02-2003, Centre interuniversitaire de recherche en économie quantitative, CIREQ. [Downloadable!]
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  6. Berthold U. Wigger, 1999. "Gifts, Bequests and Growth," CSEF Working Papers 31, Centre for Studies in Economics and Finance (CSEF), University of Salerno, Italy. [Downloadable!]
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  7. Stephen A. O'Connell & Stephen P. Zeldes, 1994. "Dynamic Efficiency in the Gifts Economy," NBER Working Papers 4318, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Andrew B. Abel, 1990. "Birth, Death and Taxes," NBER Working Papers 2953, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Philippe Michel & Emmanuel Thibault & Jean-Pierre Vidal, 2004. "Intergenerational altruism and neoclassical growth models," Working Paper Series 386, European Central Bank. [Downloadable!]
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  10. JeanPierre Vidal & Philippe Michel & Stephane Lambrecht, 2001. "Public pensions and growth," Working Paper Series 090, European Central Bank. [Downloadable!]
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  11. Alessandro Citanna, 2007. "The dynamics of wealth distribution with asymmetric incentives and endogenous matching," Economic Theory, Springer, vol. 33(2), pages 243-261, November. [Downloadable!] (restricted)
  12. Miguel Angel Lopez Garcia, 1994. "On taxation in a model of intergenerational altruism," Investigaciones Economicas, Fundación SEPI, vol. 18(2), pages 381-389, May. [Downloadable!]
  13. James Bullard & Steve Russell, 1998. "Monetary steady states in a low real interest rate economy," Working Papers 1994-012, Federal Reserve Bank of St. Louis. [Downloadable!]
  14. Andrew Caplin & John Leahy, 2001. "The social discount rate," Discussion Paper / Institute for Empirical Macroeconomics 137, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  15. K Blackburn & G P Cipriani, 2002. "Intergenerational Transfers and Demographic Transition," Centre for Growth and Business Cycle Research Discussion Paper Series 14, Economics, The Univeristy of Manchester. [Downloadable!]
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