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Generational Accounts, Aggregate Savings, and Intergenerational Distribution

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  • Willem H. Buiter

Abstract

Are generational accounts informative about the effect of the budget on the intergenerational distribution of resources and on aggregate saving? First, the usefulness of generational accounts lives or dies with the strict life-cycle model of household consumption. Second, even if the life-cycle model holds, generational accounts ignore the intergenerational redistribution associated with the government’s provision of public goods and services and with intergenerational externalities. Third, generational accounting ignores the effect of the budget on tax and transfer bases and on before-tax incomes and prices. That is, it does not handle incidence or general equilibrium repercussions.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 96/76.

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Length: 32
Date of creation: 01 Jul 1996
Date of revision:
Handle: RePEc:imf:imfwpa:96/76

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  1. Fumio Hayashi, 1985. "Tests for Liquidity Constraints: A Critical Survey," NBER Working Papers 1720, National Bureau of Economic Research, Inc.
  2. Willem H. Buiter, 1990. "Principles of Budgetary and Financial Policy," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262524139, December.
  3. Laurence J. Kotlikoff & Laurence J. Kotlikoff & Willi Leibfritz, 1999. "From Deficit Delusion to the Fiscal Balance Rule: Looking for an Economically Meaningful Way to Assess Fiscal Policy," NBER Chapters, National Bureau of Economic Research, Inc, in: Generational Accounting around the World, pages 9-30 National Bureau of Economic Research, Inc.
  4. Eric O'N. Fisher & YoungSoo Woo, 1994. "A New Meaure of the Korean Current Account," International Finance, EconWPA 9411001, EconWPA.
  5. Auerbach, Alan J & Gokhale, Jagadeesh & Kotlikoff, Laurence J, 1992. " Generational Accounting: A New Approach to Understanding the Effects of Fiscal Policy on Saving," Scandinavian Journal of Economics, Wiley Blackwell, Wiley Blackwell, vol. 94(2), pages 303-18.
  6. Eaton, Jonathan & Gersovitz, Mark, 1981. "Debt with Potential Repudiation: Theoretical and Empirical Analysis," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 48(2), pages 289-309, April.
  7. Willem H. Buiter & K.M. Kletzer, 1994. "Ponzi Finance, Government Solvency and the Redundancy or Usefulness of Public Debt," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 1070, Cowles Foundation for Research in Economics, Yale University.
  8. Yotsuzuka, Toshiki, 1987. "Ricardian equivalence in the presence of capital market imperfections," Journal of Monetary Economics, Elsevier, Elsevier, vol. 20(2), pages 411-436, September.
  9. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1994. "Generational Accounting: A Meaningful Way to Evaluate Fiscal Policy," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 8(1), pages 73-94, Winter.
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Cited by:
  1. Holger Bonin & Joan Gil & Concepció Patxot, 2001. "Beyond the Toledo agreement: the intergenerational impact of the Spanish Pension Reform," Spanish Economic Review, Springer, Springer, vol. 3(2), pages 111-130.
  2. Jabłonowski, Janusz & Müller, Christoph & Raffelhüschen, Bernd, 2010. "A fiscal outlook for Poland using generational accounts," FZG Discussion Papers 47, Research Center for Generational Contracts (FZG), University of Freiburg.
  3. Laurence J. Kotlikoff, 2001. "Generational Policy," NBER Working Papers 8163, National Bureau of Economic Research, Inc.
  4. Hoevenaars, Roy P.M.M. & Ponds, Eduard H.M., 2008. "Valuation of intergenerational transfers in funded collective pension schemes," Insurance: Mathematics and Economics, Elsevier, vol. 42(2), pages 578-593, April.
  5. Bonin, Holger & Abio, Gemma & Berenguer, Eduardo & Gil, Joan & Patxot, Concepció, 2001. "Is the Deficit under Control?A Generational Accounting Perspective on Fiscal Policy and Labour Market Trends in Spain," IZA Discussion Papers 306, Institute for the Study of Labor (IZA).
  6. C. Emre Alper & Oya Pinar Ardic & Ayse Mumcu & Ismail Saglam, 2006. "The Welfare Effects of Government's Preferences over Spending and Its Financing," Working Papers, Bogazici University, Department of Economics 2006/04, Bogazici University, Department of Economics.
  7. Otto Gandenberger, 2000. "Is the Fiscal Deficit Misconceived? Proponents of Generational Accounting Overstate their Case," CESifo Working Paper Series 282, CESifo Group Munich.
  8. Jan Babecky & Kamil Dybczak, 2009. "The Impact of Population Ageing on the Czech Economy," Working Papers, Czech National Bank, Research Department 2009/1, Czech National Bank, Research Department.
  9. Nick Draper & Alex Armstrong, 2007. "GAMMA; a simulation model for ageing, pensions and public finances," CPB Document, CPB Netherlands Bureau for Economic Policy Analysis 147, CPB Netherlands Bureau for Economic Policy Analysis.
  10. Bernd Raffelhuschen & Laurence J. Kotlikoff, 1999. "Generational Accounting around the Globe," American Economic Review, American Economic Association, American Economic Association, vol. 89(2), pages 161-166, May.

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