| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w11408
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| 来源ID | Working Paper 11408
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| Inequality, Social Discounting and Estate Taxation |
| Emmanuel Farhi; Ivan Werning
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| 发表日期 | 2005-06-13
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| 出版年 | 2005
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| 语种 | 英语
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| 摘要 | To what degree should societies allow inequality to be inherited? What role should estate taxation play in shaping the intergenerational transmission of welfare? We explore these questions by modeling altruistically-linked individuals who experience privately observed taste or productivity shocks. Our positive economy is identical to models with infinite-lived individuals where efficiency requires immiseration: inequality grows without bound and everyone's consumption converges to zero. However, under an intergenerational interpretation, previous work only characterizes a particular set of Pareto-efficient allocations: those that value only the initial generation's welfare. We study other efficient allocations where the social welfare criterion values future generations directly, placing a positive weight on their welfare so that the effective social discount rate is lower than the private one. For any such difference in social and private discounting we find that consumption exhibits mean-reversion and that a steady-state, cross-sectional distribution for consumption and welfare exists, where no one is trapped at misery. The optimal allocation can then be implemented by a combination of income and estate taxation. We find that the optimal estate tax is progressive: fortunate parents face higher average marginal tax rates on their bequests. |
| 主题 | Microeconomics
; Mathematical Tools
; Market Structure and Distribution
; Welfare and Collective Choice
; Public Economics
; Taxation
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| URL | https://www.nber.org/papers/w11408
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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/569049
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推荐引用方式
GB/T 7714 |
Emmanuel Farhi,Ivan Werning. Inequality, Social Discounting and Estate Taxation. 2005.
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文件名：
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w11408.pdf
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格式：
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Adobe PDF
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