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Altruisme familial et dette publique

Listed author(s):
  • Stéphane Lambrecht

[fre] Stéphane Lambrecht Altruisme familial et dette publique. Ce papier étudie les effets de la dette publique dans un modèle à générations imbriquées où les individus se comportent en chef de famille altruiste plutôt qu'en chef de dynastie altruiste. Les conclusions de politique économique de ce modèle le situent à mi-chemin entre le modèle de Diamond [1965] et celui de Barro [1974]. Une dette temporaire dont l'horizon serait compris dans le cycle de vie d'une génération, évince le capital par tête alors qu'elle serait neutre avec des agents égoïstes. Une dette constante par tête évince le capital à tout équilibre stationnaire stable. Mais l'ampleur de l'effet d'éviction est indépendante de la structure générationnelle des prélèvements et transferts. L'effet de la dette sur le bien- être est positif au voisinage de la règle d'or. [eng] Family Altruism and Public Debt This paper analyzes the effects of public debt in an overlapping generations model in which individuals behave as altruistic family heads instead of altruistic dynastic funding fathers. The policy properties of this model are halfway between Diamond's [1965] model and Barro's [ 1 974] . A temporary public debt with a maturity included in a generation's life cycle crowds out capital per head whereas it would be neutral with selfish agents. A constant public debt per head crowds out capital per head at any stable stationary equilibrium. But the magnitude of the crowding out is independent of the generational structure of taxes and transfers. The effect of the debt on well-being is positive in the neighbourhood of the golden rule.

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Article provided by Programme National Persée in its journal Revue française d'économie.

Volume (Year): 19 (2005)
Issue (Month): 3 ()
Pages: 159-188

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Handle: RePEc:prs:rfreco:rfeco_0769-0479_2005_num_19_3_1556
Note: DOI:10.3406/rfeco.2005.1556
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  1. 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..
  2. Stéphane Lambrecht & Philippe Michel & Emmanuel Thibault, 2006. "Capital Accumulation and Fiscal Policy in an OLG Model with Family Altruism," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 8(3), pages 465-486, August.
  3. Bernheim, B Douglas & Bagwell, Kyle, 1988. "Is Everything Neutral?," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 308-338, April.
  4. R. Glenn Hubbard & Kenneth L. Judd, 1986. "Liquidity Constraints, Fiscal Policy, and Consumption," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 17(1), pages 1-60.
  5. David Cass, 1965. "Optimum Growth in an Aggregative Model of Capital Accumulation," Review of Economic Studies, Oxford University Press, vol. 32(3), pages 233-240.
  6. Andreoni, James, 1989. "Giving with Impure Altruism: Applications to Charity and Ricardian Equivalence," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1447-1458, December.
  7. Lambrecht, S., 1999. "Myopic Altruism and Intergenerational Transfers," G.R.E.Q.A.M. 99a51, Universite Aix-Marseille III.
  8. Bernheim, B Douglas, 1989. "A Neoclassical Perspective on Budget Deficits," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 55-72, Spring.
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