By Laurence J. Kotlikoff
In those 8 2002 Cairoli Lectures, awarded on the Universidad Torcuato di Tella in Buenos Aires, Argentina, Laurence Kotlikoff exhibits 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 fiscal measures of financial coverage. Kotlikoff additionally illustrates generational policy's common equilibrium results with a dynamic life-cycle simulation version and stories the empirical facts trying out intergenerational altruism and hazard sharing.The lectures have been added as Argentina confronted a devastating melancholy prompted, largely, via unsustainable generational coverage. in the course of the e-book, Kotlikoff connects his messages approximately generational coverage to the Argentine state of affairs and the Argentine government's coverage errors.
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They give up h when young, but receive the same amount when old. On balance, they lose interest on the h. This reduction in lifetime income is somewhat counterbalanced by the fact that the policy drives up the return they receive on their savings. The reason is that the policy reduces k1 relative to what it would otherwise have been. ) Finally, consider those born at time 2 and thereafter. Each of these generations loses interest on h. In addition, each earns a lower wage on its labor supply and a higher rate of return on its saving than in the absence of the policy.
Un) represent the government’s preferences when the agents are old. Further, assume that agent i’s utility is a function of her consumption when young and old, ciy and cio, her leisure when young and old, liy and lio, and her enjoyment of public goods when young and old, gy and go. Thus, ui ϭ ui(ciy,cio,liy,lio,gy,go). When the cohort is old, the government will maximize Wo, taking as given the consumption and leisure and public goods that each agent enjoyed when young. If the Wo( , , , ) and Wy( , , , ) functions differ, the government’s preferences will be time inconsistent.
Distortionary Policy To see that distortionary policy has no purchase when it comes to connecting deficits with fiscal fundamentals, consider again the general model that includes variable firstperiod and second-period leisure and net payments from the young and old in period t to the government of hyt and hot. Deficit Delusion and the Arbitrary Nature of Fiscal Labels 31 To introduce distortionary fiscal policy, we simply let hyt and hot depend on how much generation t decides to consume and work when young and old, respectively.
