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Public Finance In An Overlapping Generations Economy
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Book Synopsis Public Finance in an Overlapping Generations Economy by : T. Ihori
Download or read book Public Finance in an Overlapping Generations Economy written by T. Ihori and published by Springer. This book was released on 1996-11-20 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a theoretically-based comprehensive analysis of macroeconomic consequences of fiscal policy using a popular economic model: the overlapping generations growth model. A wide range of essential public finance issues is analyzed, including the effects of tax reform on dynamic efficiency, positive and normative effects of public spending, considerations of taxes on fixed assets and monetary holdings, and sustainability of deficits. A unique approach is applied in the study of public finance: one expected to generate substantial interest among current graduate students and active researchers.
Book Synopsis Public Finance in an Overlapping Generations Economy by : Toshihiro Ihori
Download or read book Public Finance in an Overlapping Generations Economy written by Toshihiro Ihori and published by . This book was released on 1996 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a theoretically based comprehensive analysis of the macroeconomic consequences of fiscal policy using the thorough exploration of a popular economic model: the overlapping generations growth model. Using a reader-friendly approach designed to provide a fresh outlook on theoretical and applied issues in public-sector economies, a wide range of important public finance issues are analyzed, including the effects of tax reform on dynamic efficiency, positive and normative effects of public spending, the impact of taxes on fixed assets and monetary holdings, sustainability of deficits, conflicts between the younger and older generations, and spillover effects of tax reform on the rest of the open-economy world. Analysis of recent developments in the field of public finance is added to this theoretical framework.
Book Synopsis Government Finance in an Overlapping Generations Model with Gifts and Bequests by : Willem H. Buiter
Download or read book Government Finance in an Overlapping Generations Model with Gifts and Bequests written by Willem H. Buiter and published by . This book was released on 1978 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Economics by : Gareth D. Myles
Download or read book Public Economics written by Gareth D. Myles and published by Cambridge University Press. This book was released on 1995-11-23 with total page 564 pages. Available in PDF, EPUB and Kindle. Book excerpt: A rigorous, self-contained textbook covering all the central topics in public economics.
Book Synopsis Growth and International Trade by : Karl Farmer
Download or read book Growth and International Trade written by Karl Farmer and published by Springer Nature. This book was released on 2021-04-01 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revised and updated for the 2nd edition, this textbook guides the reader towards various aspects of growth and international trade in a Diamond-type overlapping generations framework. Using the same model type throughout the book, timely topics such as growth with bubbles, robots and involuntary unemployment, financial integration and house price dynamics, policies to mitigate climate change and the persistence of religion in a globalized market economy are explored. The first part starts from the “old” growth theory and bridges to the “new” growth theory (including R&D and human capital approaches). The second part presents an intertemporal equilibrium theory of inter- and intra-sectoral trade, investigates innovation, growth and trade and limits to public debt as well as nationally and internationally optimal climate policies. The debt dynamics of the Euro Zone and the origins of intra-EMU and Asian-US trade imbalances are also explored. The book is primarily addressed to upper undergraduate and graduate students wishing to proceed to the analytically more demanding journal literature.
Book Synopsis On Impatience and Policy Effectiveness by : Ms.Silvia Sgherri
Download or read book On Impatience and Policy Effectiveness written by Ms.Silvia Sgherri and published by International Monetary Fund. This book was released on 2009-01-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: An increasing body of evidence suggests that the behavior of the economy has changed in many fundamental ways over the last decades. In particular, greater financial deregulation, larger wealth accumulation, and better policies might have helped lower uncertainty about future income and lengthen private sectors' planning horizon. In an overlapping-generations model, in which individuals discount the future more rapidly than implied by the market rate of interest, we find indeed evidence of a falling degree of impatience, providing empirical support for this hypothesis. The degree of persistence of "windfall" shocks to disposable income also appears to have varied over time. Shifts of this kind are shown to have a key impact on the average marginal propensity to consume and on the size of policy multipliers.
Book Synopsis Sustainability and Optimality of Public Debt by : Michael Carlberg
Download or read book Sustainability and Optimality of Public Debt written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2012-12-13 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies the sustainability and optimality of public debt under different scenarios: the closed economy, the small open economy, and a two-country setting. Sustainability refers to the existence and the stability of the long-run equilibrium. Optimality relates to the path of public debt that maximizes discounted utility. The analysis is conducted within the framework of the Solow model, the overlapping generations model and the infinite horizon model. The government can follow different strategies, it either fixes the deficit ratio or the tax rate. As a result, a fixed deficit ratio generally can be sustained. By contrast, a fixed tax rate generally cannot be sustained. Depending on the chosen fiscal strategy, there exists either an optimal deficit ratio or an optimal tax rate that maximizes the sum of consumption and government purchases per capita.
Book Synopsis Generational Policy by : Laurence J. Kotlikoff
Download or read book Generational Policy written by Laurence J. Kotlikoff and published by . This book was released on 2001 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: Generational policy is a fundamental aspect of a nation's fiscal affairs. The policy involves redistributing resources across generations and allocating to particular generations the burden of paying the government's bills. This chapter of the second edition of The Handbook of Public Economics shows how generational policy works, how it's measured, and how much it matters to virtual as well as real economies. The chapter shows the zero-sum nature of generational policy. It then illustrates generational policy the difference between statutory and true fiscal incidence. It also illuminates the arbitrary nature of fiscal labels as well as their associated fiscal aggregates, including the budget deficit, aggregate tax revenues, and aggregate transfer payments. Finally, it illustrates the various guises of generational policy, including structural tax changes, running budget deficits, altering investment incentives, and expanding pay-as-you-go-financed social security. Once this example has been milked, the chapter shows that its lessons about the arbitrary nature of fiscal labels are general. They apply to any neoclassical model with rational economic agents and rational economic institutions. This demonstration sets the stage for the description, illustration, and critique of generational accounting. The chapter's final sections use a simulation model to illustrate generational policy, consider the theoretical and empirical case for and against Ricardian Equivalence, discuss government risk sharing and risk making, and summarize lessons learned.
Book Synopsis The New Dynamic Public Finance by : Narayana R. Kocherlakota
Download or read book The New Dynamic Public Finance written by Narayana R. Kocherlakota and published by Princeton University Press. This book was released on 2010-07-01 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimal tax design attempts to resolve a well-known trade-off: namely, that high taxes are bad insofar as they discourage people from working, but good to the degree that, by redistributing wealth, they help insure people against productivity shocks. Until recently, however, economic research on this question either ignored people's uncertainty about their future productivities or imposed strong and unrealistic functional form restrictions on taxes. In response to these problems, the new dynamic public finance was developed to study the design of optimal taxes given only minimal restrictions on the set of possible tax instruments, and on the nature of shocks affecting people in the economy. In this book, Narayana Kocherlakota surveys and discusses this exciting new approach to public finance. An important book for advanced PhD courses in public finance and macroeconomics, The New Dynamic Public Finance provides a formal connection between the problem of dynamic optimal taxation and dynamic principal-agent contracting theory. This connection means that the properties of solutions to principal-agent problems can be used to determine the properties of optimal tax systems. The book shows that such optimal tax systems necessarily involve asset income taxes, which may depend in sophisticated ways on current and past labor incomes. It also addresses the implications of this new approach for qualitative properties of optimal monetary policy, optimal government debt policy, and optimal bequest taxes. In addition, the book describes computational methods for approximate calculation of optimal taxes, and discusses possible paths for future research.
Book Synopsis The Conflating Effects of Education and Financial Competition in an Overlapping Generations-Growth Model with Nelson-Phelps Human Capital by : Mark A. Roberts
Download or read book The Conflating Effects of Education and Financial Competition in an Overlapping Generations-Growth Model with Nelson-Phelps Human Capital written by Mark A. Roberts and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Nelson-Phelps concept of human capital, determining the speed at which a new technology may be implemented, is considered within an AK, overlapping-generations model, where finance firms act as local monopolies in the loan market but as monopsonistic price-takers in the deposit market. Households also vote for taxes earmarked for public investment in education and, thence, the subsequent level of human capital. A concentrated financial market structure, despite directly lowering economic growth, may indirectly raise it through provoking a political economy response of voting for higher taxes for greater levels of Nelson-Phelps human capital.
Book Synopsis The Allocation of Time and Goods Over the Life Cycle by : Gilbert R. Ghez
Download or read book The Allocation of Time and Goods Over the Life Cycle written by Gilbert R. Ghez and published by Columbia University Press. This book was released on 1975 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a belief now that family behavior over the life cycle can be analyzed by economic methods. This study deals with allocation of resources by families over time.
Book Synopsis A New-Open-Economy Macro Model for Fiscal Policy Evaluation by : Dennis P. J. Botman
Download or read book A New-Open-Economy Macro Model for Fiscal Policy Evaluation written by Dennis P. J. Botman and published by INTERNATIONAL MONETARY FUND. This book was released on 2006-02-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a New-Open-Economy-Macro model in which Ricardian equivalence does not hold because of (i) distortionary labor and corporate income taxation; (ii) limited asset market participation; and (iii) because the overlapping-generations structure results in a disconnect between current and future generations. We consider a permanent increase in government debt following a cut in labor or corporate income taxes in a small and large open economy. We analyze the sensitivity of the results to the key structural parameters of the model and argue that under plausible assumptions there will be significant crowding-out effects associated with permanent increases in government debt.
Book Synopsis Handbook of Computable General Equilibrium Modeling by : Peter B. Dixon
Download or read book Handbook of Computable General Equilibrium Modeling written by Peter B. Dixon and published by Newnes. This book was released on 2013-11-14 with total page 1143 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this collection of 17 articles, top scholars synthesize and analyze scholarship on this widely used tool of policy analysis, setting forth its accomplishments, difficulties, and means of implementation. Though CGE modeling does not play a prominent role in top US graduate schools, it is employed universally in the development of economic policy. This collection is particularly important because it presents a history of modeling applications and examines competing points of view. Presents coherent summaries of CGE theories that inform major model types Covers the construction of CGE databases, model solving, and computer-assisted interpretation of results Shows how CGE modeling has made a contribution to economic policy
Book Synopsis General Equilibrium by : John Eatwell
Download or read book General Equilibrium written by John Eatwell and published by W. W. Norton. This book was released on 1989 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: General Equilibrium deals with a central theme in modern economic theory - the economy considered as a system of interrelated markets.
Download or read book Public Economics written by Burkhard Heer and published by Springer. This book was released on 2019-02-08 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today, the most pressing challenges for public economics are of macroeconomic nature: pensions, debt, income distribution, and fiscal sustainability. All these problems are compounded by the phenomenon of demographic transition and aging. This graduate textbook addresses these issues with the help of state-of-the-art macroeconomic tools that are based on a sound microfoundation and rooted in empirical evidence. Different from the standard partial-equilibrium analysis in traditional textbooks on public economics, the concept of general equilibrium helps to account for compensating or amplifying side-effects of economic policy. GAUSS and MATLAB computer code as well as teaching material (slides) are available as downloads from the author's homepage.
Book Synopsis A Theory of Economic Growth by : David de la Croix
Download or read book A Theory of Economic Growth written by David de la Croix and published by Cambridge University Press. This book was released on 2002-10-24 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an in-depth treatment of the overlapping generations model in economics incorporating production.
Book Synopsis Demography and the Economy by : John B. Shoven
Download or read book Demography and the Economy written by John B. Shoven and published by University of Chicago Press. This book was released on 2011-01-15 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Demographics is a vital field of study for understanding social and economic change and it has attracted attention in recent years as concerns have grown over the aging populations of developed nations. Demographic studies help make sense of key aspects of the economy, offering insight into trends in fertility, mortality, immigration, and labor force participation, as well as age, gender, and race specific trends in health and disability. Demography and the Economy explores the connections between demography and economics, paying special attention to what demographic trends can reveal about the sustainability of traditional social security programs and the larger implications for economic growth. The volume brings together some of the leading scholars working at the border between the two disciplines, and it provides an eclectic overview of both fields. Contributors also offer deeper analysis of a variety of issues such as the impact of greater wealth on choices about marriage and childbearing and the effects of aging populations on housing prices, Social Security, and Medicare.
