Public Finance in an Overlapping Generations Economy
This book presents a theoretically-based comprehensive analysis of macroeconomic consequences of fiscal policy using a popular economic model: the overlapping generations growth model. A wide range of essential public finance issues is analyzed, including
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Public Finance in an Overlapping Generations Economy Toshihiro Ihori Projess01; Depar/menl of Economics University of Tokyo Japan
First published in Great l:lritain 1996 by
MACMILLAN PRESS LTD Houndmills, Basingstokc. Hampshire RG21 6XS and London Companies and representatives throughout the world A catalogue record for this hook is available from the Hritish Library. ISBN 978-1-349-39802-7 ISBN 978-0-230-38990-8 (eBook) DOI 10.1057/9780230389908
First published in the United States of America 1996 by
ST. MARTIN'S PRESS, INC., Scholarly and Reference Division, 175 Fifth Avenue, New York, N.Y. 10010
ISBN 978-0-312-16166-8 Library of Congress Cataloging-in-Publication Data lhori, Toshihiro, 1952Public finance in an overlapping generations economy I Toshihiro lhori. p. em. Includes bibliographical references and index.
ISBN 978-0-312-16166-8 (cloth) I. Finance, Public-Econometric models. HJI41.135 1996 336-dc20
I. Tille.
© Toshihiro lhori 1996 Softcover reprint of the hardcover 1st edition 1996 978-0-333-66192-5 All rights reserved. No reproduction. copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tollcnham Court Road, London WI P 9HE. Any person who docs any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. 10
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Contents List of Figures
Vlll
List of Tables
ix
Preface and Acknowledgements
XI
1
2
3
Introduction
1
I 2
I 8
The Model
19
I 2 3 4 5 6 7
19 19 26 35 37 39
Introduction The basic model Capital accumulation and efficiency Endogenous labor supply Bequests The multi-period framework Conclusion
41
42
Tax Policy 2 3 4 5
4
Overview Review of basic concepts
Introduction The optimal tax rule Tax reform and the timing of tax payments Capital income taxation Further topics
42
43 57 65 71
Simulation Studies
73
I 2 3
73 73
4 5 6
Introduction The basic model and tax reform The dynamic simulation model with endogenous labor supply The separation of efficiency and redistribution Human capital investment Concluding remarks
v
83 88 91 98
Contents
VI
5
Public Spending
2 3 4 5
6
Introduction Fiscal spending financed by lump-sum taxation Fiscal spending financed by non-lump-sum taxation Optimal spending of public goods Public investment
The Open Economy Introduction
2 The two-country model 3 Negative international spillover effects of consumption taxation
4 Capital income taxation 5
7
Optimal tax and spending policy
Money Introduction
2 Overlapping generations models with money 3 Money and inflationary taxes 4 Welfare implications of indexing capital income taxation
8
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