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Fiscal Policy in an Overlapping Generations Model with Bequest-as-Consumption

  • Philippe Michel
  • Pierre Pestieau

This paper analyzes an overlapping generation (OLG) growth model wherein saving finances second period consumption and bequest-as-consumption. First, it looks at the market equilibrium and at the optimal solution; then it turns to the issue of decentralizing the optimal solution with various taxes and transfers. Depending on the available instruments, either a first-best or a second-best optimum can be achieved. Throughout the paper, the results are contrasted with those obtained in the standard OLG model without intergenerational transfers. Copyright 2004 Blackwell Publishing Inc..

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Article provided by Association for Public Economic Theory in its journal Journal of Public Economic Theory.

Volume (Year): 6 (2004)
Issue (Month): 3 (08)
Pages: 397-407

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Handle: RePEc:bla:jpbect:v:6:y:2004:i:3:p:397-407
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