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Economic and Politico-Economic Equivalence of Fiscal Policies

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  • Dirk Niepelt

    (Study Center Gerzensee)

  • Martin Gonzalez-Eiras

    (Universidad de San Andres)

Abstract

We apply the conditions for politico-economic equivalence in the context of wellknown models with the aim to understand when a change of policy regime is nonneutral even if policies in these regimes are equivalent from a purely economic perspective. Focusing specifically on the comparison of pay-as-you-go financed social security regimes versus regimes with explicit government debt, our analysis contributes towards a theory of social security reform.

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2011 Meeting Papers with number 58.

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Date of creation: 2011
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Handle: RePEc:red:sed011:58

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  1. Barro, Robert J., 1979. "On the Determination of the Public Debt," Scholarly Articles 3451400, Harvard University Department of Economics.
  2. Martin Gonzalez-Eiras & Dirk Niepelt, 2007. "The Future of Social Security," Working Papers 07.02, Swiss National Bank, Study Center Gerzensee.
  3. Ghiglino, Christian & Shell, Karl, 2000. "The Economic Effects of Restrictions on Government Budget Deficits," Journal of Economic Theory, Elsevier, Elsevier, vol. 94(1), pages 106-137, September.
  4. Lorenzo Forni, 2005. "Social Security as Markov Equilibrium in OLG Models," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 8(1), pages 178-194, January.
  5. Dirk Niepelt, 2008. "Debt Maturity without Commitment," CESifo Working Paper Series 2500, CESifo Group Munich.
  6. Fernando Broner & Alberto Martin & Jaume Ventura, 2006. "Sovereign risk and secondary markets," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 998, Department of Economics and Business, Universitat Pompeu Fabra, revised Aug 2009.
  7. Zheng Song & Kjetil Storesletten & Fabrizio Zilibotti, 2007. "Rotten Parents and Disciplined Children: A Politico-Economic Theory of Public Expenditure and Debt," 2007 Meeting Papers, Society for Economic Dynamics 685, Society for Economic Dynamics.
  8. Martín Gonzalez Eiras, 2010. "Social Security as Markov Equilibrium in OLG Models: A Note," Working Papers, Universidad de San Andres, Departamento de Economia 105, Universidad de San Andres, Departamento de Economia, revised Sep 2010.
  9. Martin Feldstein & Jeffrey B. Liebman, 2001. "Social Security," NBER Working Papers 8451, National Bureau of Economic Research, Inc.
  10. Javier Díaz-Giménez & Giorgia Giovannetti & Ramon Marimon & Pedro Teles, 2003. "Nominal debt as a burden on monetary policy," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 841, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 2006.
  11. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
  12. Niepelt, Dirk, 2004. "Social Security Reform: Economics and Politics," Seminar Papers, Stockholm University, Institute for International Economic Studies 732, Stockholm University, Institute for International Economic Studies.
  13. Marco Bassetto & Narayana Kocherlakota, 2010. "On the Irrelevance of Government Debt When Taxes are Distortionary," Levine's Working Paper Archive 506439000000000295, David K. Levine.
  14. Dirk Niepelt, 2009. "Sovereign Debt Maturity without Commitment," 2009 Meeting Papers, Society for Economic Dynamics 231, Society for Economic Dynamics.
  15. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780195102680, October.
  16. Thomas F. Cooley & Jorge Soares, 1999. "A Positive Theory of Social Security Based on Reputation," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 107(1), pages 135-160, February.
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Cited by:
  1. Gonzalez-Eiras, Martín & Niepelt, Dirk, 2012. "Ageing, government budgets, retirement, and growth," European Economic Review, Elsevier, Elsevier, vol. 56(1), pages 97-115.
  2. Gonzalez-Eiras, Martin & Niepelt, Dirk, 2007. "Population Ageing, Government Budgets, and Productivity Growth in Politico-Economic Equilibrium," CEPR Discussion Papers, C.E.P.R. Discussion Papers 6581, C.E.P.R. Discussion Papers.

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