| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4318 |
| 来源ID | Working Paper 4318 |
| Dynamic Efficiency in the Gifts Economy | |
| Stephen A. O'; Connell; Stephen P. Zeldes | |
| 发表日期 | 1993-04-01 |
| 出版年 | 1993 |
| 语种 | 英语 |
| 摘要 | In the standard analysis of an overlapping generations economy with gifts from children to parents, each generation takes the actions of all other generations as given. The resulting "simultaneous moves" equilibrium is dynamically inefficient. In reality, however, parents precede children in time and realize that children will respond to higher parental saving by reducing their gifts. Incorporating this feature lowers the effective return to saving, resulting in lower steady state capital accumulation. For a broad class of gift economies, we show that the steady state capital stock in the gifts model must be on the efficient side of the golden rule. The analysis therefore overturns the standard presumption of dynamic inefficiency in the gift economy. This result reestablishes the potential relevance of the gift model to the U.S. economy, renders moot an important part of the debate on Ricardian Equivalence, extends the recent literature on the effects of implicit taxation on capital accumulation, and provides a motivation for the presence of a Social Security type system that unconditionally transfers resources from young to old. |
| 主题 | Microeconomics ; General Equilibrium ; Macroeconomics ; Macroeconomic Models |
| URL | https://www.nber.org/papers/w4318 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561682 |
| 推荐引用方式 GB/T 7714 | Stephen A. O',Connell,Stephen P. Zeldes. Dynamic Efficiency in the Gifts Economy. 1993. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4318.pdf（226KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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