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1.
Jumpei Tanaka 《Journal of Economics》2003,79(1):19-39
Constructing an endogenously growing overlapping generations model with public investment, we examine the welfare effects
of a fiscal reconstruction policy. In this paper we define a fiscal reconstruction policy as a policy where the government
reduces its spending level without changing the tax revenue and allocates the surplus of the revenue to redeem public debt.
We show that if government spending is not productive it is possible that a fiscal reconstruction policy improves the utilities
of both the current and future generations, while if government spending is productive it can harm the utilities of both generations.
Received February 26, 2002; revised version received July 8, 2002
Published online: February 17, 2003 相似文献
2.
Recent theoretical work shows that folk theorems can be developed for infinite overlapping generations games. Cooperation in such games can be sustained as a Nash equilibrium. But, of course, there are other equilibria. This paper investigates experimentally whether cooperation actually occurs in a simple overlapping generations game. Subjects both play the game and formulate strategies. Our main finding is that subjects fail to exploit the intertemporal structure of the game. Even when we provided subjects with a recommendation to play the grim trigger strategy, most of the subjects still employed safe history-independent strategies. Journal of Economic Literature Classification Numbers: C72, C92, D90. 相似文献
3.
Koichi Miyazaki 《The Japanese Economic Review》2014,65(4):499-520
This paper considers a pure exchange stochastic overlapping generations model in which, on each date, an economy faces an aggregate endowment shock. On each date, a young agent and an old agent simultaneously decide how much of their respective endowments to transfer to the other agent; however, a young agent cannot make promises about how much he or she will give when old. In this sense, an economy faces a limited commitment constraint. This paper characterizes an efficient intergenerational risk sharing allocation that satisfies a limited commitment constraint, and also studies the role of money and history in a stochastic overlapping generations economy. 相似文献
4.
We investigate the transfer problem between two countries in the steady state in a one-sector overlapping generations model and explain how transfers should be shared between the young and old generations of the donor country and allocated across the generations of the recipient country. Except at the golden rule of capital accumulation, the ratios of the burden and distribution of transfers between the young and old generations affect welfare. We obtain the following results. First, the sharing of the transfer burden in the donor country depends on the relative size of two effects, namely, a negative direct effect and a positive indirect effect. If the former exceeds the latter, it is preferable for the donor country to allocate all of the transfer burden to the old generation and vice versa. Second, from the viewpoint of welfare maximization, it is preferable for the recipient country to distribute all of the transfers to the young generation. In contrast to the existing literature, these results suggest that the setting whereby the young generation of the donor country defrays all transfer costs may not be justifiable from the viewpoint of donor welfare maximization. 相似文献
5.
An Overlapping Generations Model of Climate-Economy Interactions 总被引:1,自引:0,他引:1
Richard B. Howarth 《The Scandinavian journal of economics》1998,100(3):575-591
A numerically calibrated overlapping generations model of climate change and the world econommy is examined in this paper. In the absence of intergenerational transfers, efficient rates of greenhouse gas emissions abatement rise from 16% in the present to 25% in the long run, while mean global temperature increases by 7.4°C relative to the preindustrial norm. A utilitarian optimum, which attaches equal weight to each generation's life-cycle utility, yields abatement rates that rise from 48% to 89%, with a long-run temperature increase of 3.4°C. A second-best utilitarian path, in which intergenerational transfers are by assumption institutionally infeasible, also supports stringent abatement measures. 相似文献
6.
Nils Hauenschild 《Journal of Economic Theory》2002,106(1):201-216
This paper analyzes the impact of pay-as-you-go financed social security on the stochastic process for the capital stock in a stochastic overlapping generations model. It is shown that the probability distribution of the capital stock in absence of social security dominates that in a pay-as-you-go system in the sense of stochastic dominance. Furthermore, the study demonstrates that the sufficient conditions ensuring the existence and uniqueness of stationary equilibria in a pay-as-you-go system are more restrictive than in the model without social security. Journal of Economic Literature Classification Numbers: C62, H55. 相似文献
7.
Klaus Adam 《The Review of economic studies》2003,70(4):887-907
We study adaptive learning in a monetary overlapping generations model with sticky prices and monopolistic competition for the case where learning agents observe current endogenous variables. Observability of current variables is essential for informational consistency of the learning setup with the model setup but generates multiple temporary equilibria when prices are flexible and prevents a straightforward construction of the learning dynamics. Sticky prices overcome this problem by avoiding simultaneity between prices and price expectations. Adaptive learning then robustly selects the determinate (monetary) steady state independent from the degree of imperfect competition. The indeterminate (non-monetary) steady state and non-stationary equilibria are never stable. Stability in a deterministic version of the model may differ because perfect foresight equilibria can be the limit of restricted perceptions equilibria of the stochastic economy with vanishing noise and thereby inherit different stability properties. This discontinuity at the zero variance of shocks suggests one should analyse learning in stochastic models. 相似文献
8.
JOHN QUIGGIN 《Journal of Public Economic Theory》2012,14(2):273-283
This note is a demonstration that, in the presence of overlapping generations and under standard conditions for a social welfare ordering (Pareto optimality, transitivity, and independence), the only ordering consistent with utilitarianism for all people currently alive at any given point in time is one based on weighting all people equally, regardless of their date of birth. In particular, this implies that, under reasonable conditions, the pure rate of social time preference is zero. 相似文献
9.
在OLG的纯交换经济中,区分了内部习惯和外部习惯对经济动态性质的影响。我们发现内部习惯增加了年轻人的储蓄并可以把古典经济转变为萨谬尔森经济;外部习惯减少了年轻人的储蓄并可以把萨谬尔森经济转变为古典经济。不论是外部习惯还是内部习惯,都提高了在相对风险规避系数一定的情况下消费者忍受风险的能力,从而可能导致经济的周期运动。 相似文献
10.
In this paper we investigate the effect of a tax on land rent on the growth rate of capital in a growing economy with overlapping generations. A tax on land rent has a potential to increase the growth rate of capital. If the model is extended to allow the tax revenue to be refunded to individuals, a tax on land rent may deter growth to the extent that the tax revenue is transferred to the older generation.
JEL Classification numbers: H31, O41. 相似文献
JEL Classification numbers: H31, O41. 相似文献
11.
12.
Jonathan L. Burke 《Journal of Economic Theory》1996,70(2):364-390
We prove the existence of general equilibrium for continuous-time overlapping-generations models. Previous theorems exclude all non-linear C.E.S. and von Neumann–Morgenstern preferences and exclude production. Our primitive assumptions are satisfied by such preferences and by all Markovian production technologies satisfying Bewley's assumptions for Arrow–Debreu models provided that storage is possible, at some finite rate of depreciation and some positive capacity. A non-existence example shows our Markovian and storage assumptions cannot be dropped.Journal of Economic LiteratureClassification Numbers: C62, D51, D90. 相似文献
13.
Informational Constraints and the Overlapping Generations Model: Folk and Anti-Folk Theorems 总被引:3,自引:0,他引:3
V. Bhaskar 《The Review of economic studies》1998,65(1):135-149
This paper analyses the sustainability of inter-generational transfers in Samuelson's consumption-loan model when agents are imperfectly informed about past events. We find that with mild informational constraints, transfers cannot be supported by pure-strategy equilibria. Mixed strategies allow transfers to be sustained even if agents have little information, so that a version of the Folk theorem holds. However, these equilibria are not robust. If each agent's utility function is subjected to a small random perturbation as in Harsanyi (1973), these mixed strategy equilibria unravel, and only the zero-transfer allocation survives as the unique rationalizable outcome. This result is an example of mixed strategy equilibrium of an extensive form game which cannot be purified. 相似文献
15.
刘克勇 《经济社会体制比较》2008,(5):148-151
财税政策是经济政策的有机组成部分,是国家实现经济、社会发展目标。进行宏观经济调控的重要手段。本文主要立足于宏观角度,以农业、农村、农民为研究对象,以其发展的特有路径为背景,以深入剖析我国现行涉农财税政策为切入点,将公共财政理论与我国国情相结合,对公共财政框架下的涉农财税政策进行了思考与设计。其中,着重论证了弥补涉农财政资金的缺位;明确划分各级政府的财权与事权;发挥财税政策的诱导功能,广泛筹集社会资金;充分运用财政补贴政策;调整涉农税收支出政策等内容。 相似文献
16.
Akira Yakita 《The Japanese Economic Review》2000,51(1):111-129
This study examines the effect of capital taxation on the long-term equilibrium in an intertemporal model, incorporating overlapping generations of the Blanchard–Weil type and value-maximizing firms with adjustment costs in investment. I demonstrate that an increase in capital taxation raises the steady-state expected lifetime utility of an agent born after the tax increase, provided the intergenerational redistribution effect achieved through lowering the rate of return is greater than that achieved through the tax revenue effect owing to the reduced capital–labour ratio, and that an increased ITC rate would not necessarily raise the steady-state lifetime utility of all agents.
JEL Classification Numbers: D91, D92, E62, H24, H25. 相似文献
JEL Classification Numbers: D91, D92, E62, H24, H25. 相似文献
17.
In overlapping-generations models of public-goods provision,in which the contribution decision is binary and lifetimes arefinite, the set of symmetric subgame-perfect equilibria canbe categorized into three types: seniority equilibria, in whichplayers contribute (effort) until a predetermined age and thenshirk thereafter; dependency equilibria, in which players initiallyshirk, then contribute for a set number of periods, then shirkfor the remainder of their lives; and sabbatical equilibria,in which players alternately contribute and shirk for periodsof varying length before entering a final stage of shirking.In a world without discounting we establish conditions for equilibriumand demonstrate that for any dependency equilibrium there isa seniority equilibrium that Pareto dominates it ex ante. Weproceed to characterize generational preferences over alternativeseniority equilibria. We explore the aggregation of these preferencesby embedding the public-goods provision game in a voting frameworkand solving for the majority-rule equilibria. In this way wecan think of political processes as providing one natural frameworkfor equilibrium selection in the original public-goods provisiongame. 相似文献
18.
Christos Karpetis Erotokritos Varelas 《International Advances in Economic Research》2012,18(2):199-214
In this paper, a simple Keynesian and discrete time multiplier ?C accelerator model is developed, which results after the inclusion of the money market and a balanced government budget constraint in Samuelson??s (1939) business cycle model. The resulted model is proved to be less stable and the evolution of income around its equilibrium is more likely to exhibit a sinusoidal way of movement. The magnitude of the main tools of fiscal and monetary policy is assumed to be determined solely by the government and the Central Bank respectively, so that income??s constant amplitude around its intertemporal equilibrium value is minimized. 相似文献
19.
稳健财政政策中的财政赤字问题存在较多争议,本文从理论上分析了稳健财政政策并不排斥财政赤字,并对我国1998年以来财政政策的方向进行了定量测算,提出我国稳健财政政策的关键是将财政收入、财政支出增长速度控制在经济潜在增长速度。 相似文献
20.
积极财政政策虽然在扩大内需上已经有所作为,但由于其负面作用的存在而不具有可持续性。为实现我国可持续发展的长期战略要求,我们应当适时实施由积极财政政策向可持续财政政策的转变。因此,应当对现行的财政支出政策进行调整,防范直接与间接财政风险的扩大化,完善现行税制,运用财政政策促进人力资本可持续发展。 相似文献