| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w3753
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| 来源ID | Working Paper 3753
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| The Timing of Intergenerational Transfers, Tax Policy, and Aggregate Savings |
| David Altig; Steve J. Davis
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| 发表日期 | 1991-06-01
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| 出版年 | 1991
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| 语种 | 英语
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| 摘要 | We analyze the interest rate and savings effects of fiscal policy in an overlapping generations framework that accommodates two observations: (1) The interest rate on consumption loans exceeds the rate of return to household savings. (2) Private intergenerational transfers are widespread and primarily occur early in the lifecycle of recipients. The wedge between borrowing and lending rates in our model arises from the asymmetric tax treatment of interest income and interest payments. Intergenerational transfers are altruistically motivated. Under the assumption that altruistic transfers occur in at least some family lines and other plausible conditions, we prove the invariance of capital's steady-state marginal product to government expenditures, government debt, the labor income tax schedule, and the tax rate on capital income. In contrast, we find that the tax treatment of interest payments has powerful effects on capitals? marginal product and aggregate savings in life-cycle and, especially, altruistic linkage models. Our theoretical analysis also generates new testable implications for empirical work on how tax policy effects aggregate savings and on the connection between the age distribution of resources and the age distribution of consumption. Simulations of our model suggest that the 1986 Tax Reform Act's elimination of interest deductibility on consumer loan repayments will significantly increase per capita savings. |
| 主题 | Macroeconomics
; Fiscal Policy
; Consumption and Investment
|
| URL | https://www.nber.org/papers/w3753
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561070
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推荐引用方式
GB/T 7714 |
David Altig,Steve J. Davis. The Timing of Intergenerational Transfers, Tax Policy, and Aggregate Savings. 1991.
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文件名：
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w3753.pdf
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格式：
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Adobe PDF
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