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Centre For Labour Economics

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Author Info
Willem H. Buiter

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Abstract

For an economic system not to exhibit debt neutrality it must be true that changes in the time profile of lump-sum taxes redistributes resources between heterogeneous consumers. OLD models have age heterogeneity because of a positive birth rate. Unless a bequest motive or child-to-parent gift motive is operative, a positive birth rate is sufficient for absence if debt neutrality. Uncertain lifetimes are neither necessary nor sufficient for absence of debt neutrality, with or without efficient life insurance markets. Heterogeneous survival probabilities are a sufficient condition. Heterogeneous time preference rates or elasticities of marginal utility does not destroy debt neutrality, since with common survival rates, changes in the pattern over time of lump-sum taxes do not redistribute resources. Any representative agent model, regardless of the scope and severity of capital market imperfections, will exhibit debt neutrality.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2578.

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Date of creation: Jun 1990
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Handle: RePEc:nbr:nberwo:2578

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  1. Buiter, Willem H, 1988. "Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy," Oxford Economic Papers, Oxford University Press, vol. 40(2), pages 220-45, June. [Downloadable!] (restricted)
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  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.. [Downloadable!] (restricted)
  3. Andrew B. Abel, . "Birth, Death and Taxes," Rodney L. White Center for Financial Research Working Papers 13-89, Wharton School Rodney L. White Center for Financial Research.
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  4. Buiter, Willem H, 1988. "Death, Birth, Productivity Growth and Debt Neutrality," Economic Journal, Royal Economic Society, vol. 98(391), pages 279-93, June. [Downloadable!] (restricted)
  5. von Furstenberg, George M, 1980. "Private Saving," American Economic Review, American Economic Association, vol. 70(2), pages 177-81, May. [Downloadable!] (restricted)
  6. Blanchard, Olivier J, 1985. "Debt, Deficits, and Finite Horizons," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 223-47, April. [Downloadable!] (restricted)
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