L’ipotesi del ciclo vitale, la politica fiscale e la previdenza sociale
The paper summarizes the main implications of the life cycle hypothesis regarding the individual and aggregate saving, fiscal policy and social security, focusing on the most important contributions of Modigliani on these issues. Although it is not easy to reconcile some recent empirical results with the hypothesis of the life cycle, especially the aspects of inertia, myopia and irrational behavior documented in the literature behavioral, the studies of Modigliani still represent the basis of reference for the study of individual savings decisions and to make policy choices.
References listed on IDEAS
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- Deaton, Angus, 1992. "Understanding Consumption," OUP Catalogue, Oxford University Press, number 9780198288244, March.
- Dreze, Jacques H. & Modigliani, Franco, 1972.
"Consumption decisions under uncertainty,"
Journal of Economic Theory,
Elsevier, vol. 5(3), pages 308-335, December.
- Modigliani, Franco, 1988. "The Role of Intergenerational Transfers and Life Cycle Saving in the Accumulation of Wealth," Journal of Economic Perspectives, American Economic Association, vol. 2(2), pages 15-40, Spring.
- Feldstein, Martin S, 1976. "Social Security and Saving: The Extended Life Cycle Theory," American Economic Review, American Economic Association, vol. 66(2), pages 77-86, May.
- Modigliani, Franco & Sterling, Arlie, 1986. "Government Debt, Government Spending and Private Sector Behavior: Comment," American Economic Review, American Economic Association, vol. 76(5), pages 1168-79, December.
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