Generational Policy (Cairoli Lectures) by Laurence J. Kotlikoff

By Laurence J. Kotlikoff

In those 8 2002 Cairoli Lectures, provided on the Universidad Torcuato di Tella in Buenos Aires, Argentina, Laurence Kotlikoff indicates how generational coverage works, the way it is measured, and what sort of it issues. Kotlikoff discusses the occurrence and dimension of generational coverage, the connection of generational coverage to financial coverage, and the vacuity of deficits, taxes, and move funds as financial measures of financial coverage. Kotlikoff additionally illustrates generational policy's normal equilibrium results with a dynamic life-cycle simulation version and reports the empirical facts checking out intergenerational altruism and hazard sharing.The lectures have been brought as Argentina confronted a devastating melancholy prompted, largely, via unsustainable generational coverage. in the course of the booklet, Kotlikoff connects his messages approximately generational coverage to the Argentine state of affairs and the Argentine government's coverage blunders.

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Note also that with this alternative labeling, the children of the rich will want to enforce the payment of social security benefits because their parents will otherwise lose out to the benefit of the children of the poor. With Tabellini’s fiscal labels (case a), the government reports a deficit when the parents are young. Under mine (case b), it reports a balanced budget. If it wanted to report a surplus, it could announce a social security tax schedule that was, say, double what would it announce in case b, but also announce that it would make loans to all taxpayers equal to one half of their tax contributions.

The nonlinear tax in this case would be a fixed payment, independent of second-period labor earnings, plus a payment based on the level of second-period labor earnings. Voluntary versus Involuntary Payments A final issue is whether the voluntary nature of private purchases of government bonds makes debt labels meaningful. 46 Lecture IV This proposition is indirectly advanced in a very interesting article by Tabellini (1991) on the sustainability of intergenerational redistribution. In his model, the government wants to finance uniform transfer payments to young parents by extracting payments from a subset of them, namely, those that are rich.

Our model with distortionary policy thus consists of government-chosen time-paths of the hyt and hot functions and gt (government consumption demands) that satisfy the government’s intertemporal budget constraint, household demands for consumption and supplies of labor, and firms, supplies of output and demands for capital and labor inputs. Market clearing requires that, in each period along the economy’s dynamic transition path, (a) firms’ aggregate output supply cover the consumption demands of households and the government plus the investment demand of firms, and (b) labor supply equals labor demand.

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