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On redistribution effects of public debt amongst single-minded generations

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Author Info
Canegrati, Emanuele

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Abstract

In this paper I will introduce a new political economy model, where there exists a competition amongst two political candidates, which aim to set a policy which enables them to win elections, max- imising the probability of winning. I will show that, if taxes neces- sary to repay the debt are not lump sum but proportional to income, we have dramatic distorting effect on the labour supply. The prob- lem is exacerbate once we take into account that the Government set taxes in order to favour the most in‡uencing social group. As a consequence, effective marginal tax rates are differentiated amongst social groups and thus the burden of public debt is not equally borne.

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File URL: http://mpra.ub.uni-muenchen.de/2254/
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 2254.

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Date of creation: 14 Mar 2007
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Handle: RePEc:pra:mprapa:2254

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Related research
Keywords: public debt single-mindedness intergenerational redistribution

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Find related papers by JEL classification:
J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management
D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy-Making and Implementation
J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy
D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped
D64 - Microeconomics - - Welfare Economics - - - Altruism
H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior
H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies

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  1. Feldstein, Martin, 1982. "Government deficits and aggregate demand," Journal of Monetary Economics, Elsevier, vol. 9(1), pages 1-20. [Downloadable!] (restricted)
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    Other versions:
  3. Peter Diamond, 2005. "Pensions for an Aging Population," NBER Working Papers 11877, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Martin Feldstein, 1982. "Government Deficits and Aggregate Demand," NBER Working Papers 0435, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    Other versions:
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  12. Jeremy Greenwood & Guillaume Vandenbroucke, 2005. "Hours Worked: Long-Run Trends," Economie d'Avant Garde Research Reports 10, Economie d'Avant Garde. [Downloadable!]
  13. Clemens Fuest & Bernd Huber, . "Tax Coordination and Unemployment," EPRU Working Paper Series 97-26, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
    Other versions:
  14. Casey B. Mulligan & Xavier Sala-i-Martin, 1999. "Social Security in Theory and Practice (I): Facts and Political Theories," Economics Working Papers 384, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
    Other versions:
  15. O'Driscoll, Gerald P, Jr, 1977. "The Ricardian Nonequivalence Theorem," Journal of Political Economy, University of Chicago Press, vol. 85(1), pages 207-10, February. [Downloadable!] (restricted)
  16. Douglas A. Hershey & Kène Henkens & Hendrik P. van Dalen, 2006. "Mapping the Minds of Retirement Planners," Tinbergen Institute Discussion Papers 06-038/1, Tinbergen Institute. [Downloadable!]
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    Other versions:
  18. Paola Profeta, 2002. "Retirement and Social Security in a Probabilistic Voting Model," International Tax and Public Finance, Springer, vol. 9(4), pages 331-348, August. [Downloadable!] (restricted)
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