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Tax Changes and Phase Diagrams for an Overlapping Generations Model

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  • Laitner, John

Abstract

The literature evaluating tax changes within an intertemporal general equilibrium framework subdivides into representative agent and overlapping generations formulations. Papers in the former class have developed techniques analogous to those routine for static analyses. The author shows that the same general approach works for the overlapping generations model. The context is the system from Alan Auerbach and Laurence Kotlikoff's Dynamic Fiscal Policy (1987). The proposed methodology allows one to examine stability and determinancy issues for the model, deals precisely with small policy changes, and can easily handle bundles of changes. The author presents comparative static results for comparison with existing work. Copyright 1990 by University of Chicago Press.

Suggested Citation

  • Laitner, John, 1990. "Tax Changes and Phase Diagrams for an Overlapping Generations Model," Journal of Political Economy, University of Chicago Press, vol. 98(1), pages 193-220, February.
  • Handle: RePEc:ucp:jpolec:v:98:y:1990:i:1:p:193-220
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    Cited by:

    1. Altig, David & Carlstrom, Charles T, 1991. "Inflation, Personal Taxes, and Real Output: A Dynamic Analysis," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(3), pages 547-571, August.
    2. Fehr, Hans, 1999. "Welfare Effects of Dynamic Tax Reforms," Beiträge zur Finanzwissenschaft, Mohr Siebeck, Tübingen, edition 1, volume 5, number urn:isbn:9783161470165.
    3. Dominik Grafenhofer & Christian Jaag & Christian Keuschnigg & Mirela Keuschnigg, 2005. "Probabilistic Aging," University of St. Gallen Department of Economics working paper series 2005 2005-08, Department of Economics, University of St. Gallen.
    4. Mauro Baranzini, 2005. "Modigliani's life-cycle theory of savings fifty years later," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 58(233-234), pages 109-172.
    5. Azariadis, Costas & Bullard, James & Ohanian, Lee, 2004. "Trend-reverting fluctuations in the life-cycle model," Journal of Economic Theory, Elsevier, vol. 119(2), pages 334-356, December.
    6. Dominik Grafenhofer & Christian Jaag & Christian Keuschnigg & Mirela Keuschnigg, 2007. "Economic ageing and demographic change," Vienna Yearbook of Population Research, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna, vol. 5(1), pages 133-165.
    7. Kehoe, Timothy J. & Levine, David K., 1990. "The economics of indeterminacy in overlapping generations models," Journal of Public Economics, Elsevier, vol. 42(2), pages 219-243, July.
    8. Hippolyte d'Albis & Emmanuelle Augeraud-véron, 2009. "Competitive Growth In A Life-Cycle Model: Existence And Dynamics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 50(2), pages 459-484, May.
    9. K. Farmer & K.W. Steininger, 1999. "Reducing CO2-Emissions Under Fiscal Retrenchment: A Multi-Cohort CGE-Model for Austria," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 13(3), pages 309-340, April.
    10. Cyrus Chu, C.Y. & Lai, Ching-Chong & Liao, Chih-Hsing, 2014. "How could the non-sustainable Easter Island have been sustained?," International Review of Economics & Finance, Elsevier, vol. 34(C), pages 161-174.
    11. Mauro Baranzini, 2005. "Modigliani's life-cycle theory of savings fifty years later," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 58(233-234), pages 109-172.
    12. Alan J. Auerbach & Laurence J. Kotlikoff & Robert Hagemann & Giuseppe Nicoletti, 1989. "The Dynamics of an Aging Population: The Case of Four OECD Countries," NBER Working Papers 2797, National Bureau of Economic Research, Inc.
    13. Hirte, Georg, 2001. "Pension Policies for an Aging Society," Beiträge zur Finanzwissenschaft, Mohr Siebeck, Tübingen, edition 1, volume 14, number urn:isbn:9783161475399.
    14. Laurence J. Kotlikoff & Laurence J. Kotlikoff & Willi Leibfritz, 1999. "From Deficit Delusion to the Fiscal Balance Rule: Looking for an Economically Meaningful Way to Assess Fiscal Policy," NBER Chapters,in: Generational Accounting around the World, pages 9-30 National Bureau of Economic Research, Inc.
    15. A. Ostmann & U. Leopold-Wildburger & C. Keuschnigg & H. Weikard & P. Kort & B. Gahlen & D. Wildasin & F. Butschek, 1993. "Book Reviews," Journal of Economics, Springer, vol. 57(1), pages 103-128, February.
    16. Zsolt Becsi, 1999. "Heterogeneity and the welfare cost of dynamic factor taxes," FRB Atlanta Working Paper 99-2, Federal Reserve Bank of Atlanta.
    17. Costas Azariadis & James B. Bullard & Lee E. Ohanian, 1998. "Complex eigenvalues and trend-reverting fluctuations," Staff Report 255, Federal Reserve Bank of Minneapolis.
    18. Kehoe, Timothy J & Levine, David K & Romer, Paul M, 1992. "On Characterizing Equilibria of Economies with Externalities and Taxes as Solutions to Optimization Problems," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 2(1), pages 43-68, January.

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