James Sefton
Biographic Data
| ID | 956165 |
|---|---|
| NAME | James Sefton |
| GIVEN NAMES | James |
| FAMILY NAME | Sefton |
| SIGNATURE | SEFTON J |
| AFFILIATIONS | NIESR |
| ORCID | 0000-0003-2504-7211 |
| VERIFIED | Yes |
| TOTAL WORKS | 8 |
| TOTAL CITATIONS | 14 |
| AUTHOR COUNT | 8 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 2000 |
| LATEST PUBLICATION YEAR | 2022 |
| H-INDEX | 2 |
Generational Wealth Accounts: Did Public and Private Inter-Generational Transfers Offset Each Other over the Financial Crisis
We develop Generational Wealth Accounts (GWA): the first set of balance sheets, by generations, to include all human capital, tangible wealth, financial wealth, and transfer wealth, and the uses to which these are put, and employ them to quantify inter-generational transfers and the sustainability of consumption. Consumption plans in the UK public sector worsened over the financial crisis and are unsustainable; private sector plans improved, and …
House Prices and Growth with Fixed Land Supply
We analyse housing costs and patterns of residential development over the long term in a dynamic general equilibrium. We show that in a growing economy the speed of travel improvements is crucial to the evolution of land and house prices. We derive a condition for the rate of change in transport efficiency that generates flat land and house prices on a balanced growth path. We present evidence that this condition was satisfied in many countries b…
Full Generational Accounts: What Do We Give to the Next Generation
What do we give to the next generation?Do we transfer wealth and human capital to our children, or do we saddle them with debt and obligations to support us in our old age?Standard Generational Accounts (GA) calculate the net present value of public sector taxes and benefits.Full Generational Accounts (FGA) add to this the present value of expected private transfers received over a lifetime, including parental costs of childrearing, bequests, and…
Is low fertility really a problem? Population aging, dependency, and consumption
Longer lives and fertility far below the replacement level of 2.1 births per woman are leading to rapid population aging in many countries. Many observers are concerned that aging will adversely affect public finances and standards of living. Analysis of newly available National Transfer Accounts data for 40 countries shows that fertility well above replacement would typically be most beneficial for government budgets. However, fertility near rep…
Optimal Design of Means Tested Retirement Benefits
Design of welfare benefits is a tricky business. In this regard, James Meade believed that it is important to avoid excessive distortions to the price of labour. He also recognised that means testing is a useful way of limiting the 'hideously expensive' cost of universal benefits provision; he conjectured that a 50% claw-back rate might be appropriate. We use a rational agent model to explore the welfare effects of alternative retirement benefits…
Means Testing Retirement Benefits: Fostering Equity or Discouraging Savings
Means testing plays an important role in the UK state pension system. We use a dynamic programming model to consider the effects of a recent policy reform that reduced the marginal tax rates on private income of means tested retirement benefits from 100% to 40%. Our analysis suggests that the policy reform will encourage the poorest third of all households to both save more and delay retirement, and have the opposite effects on richer households.…
Generational Accounting in the UK
This paper presents the first set of generational accounts for the United Kingdom. We find that under our baseline scenario, in which pensions are price indexed and health expenditure grows modestly, the imbalance in UK generational policy is small when compared with other leading industrial countries like the United States, Japan, and Germany. However, under an alternative policy scenario, where all social benefits are wage‐indexed and health ca…
The Pensions Green Paper: A Generational Accounting Perspective
In this note we show how the policy proposals contained in the government's Green Paper on pensions (DSS, 1998) affect the long term sustainability of the UK's public finances and redistribution between current and future generations. Using the methodology of generational accounting we show that the proposals in the Green Paper will marginally increase the tax rise needed to ensure intertemporal solvency, and slightly worsen generational imbalanc…
Generational Accounting in the UK
This paper presents the first set of generational accounts for the United Kingdom. We find that under our baseline scenario, in which pensions are price indexed and health expenditure grows modestly, the imbalance in UK generational policy is small when compared with other leading industrial countries like the United States, Japan, and Germany. However, under an alternative policy scenario, where all social benefits are wage‐indexed and health ca…
Means Testing Retirement Benefits: Fostering Equity or Discouraging Savings
Means testing plays an important role in the UK state pension system. We use a dynamic programming model to consider the effects of a recent policy reform that reduced the marginal tax rates on private income of means tested retirement benefits from 100% to 40%. Our analysis suggests that the policy reform will encourage the poorest third of all households to both save more and delay retirement, and have the opposite effects on richer households.…
Full Generational Accounts: What Do We Give to the Next Generation
What do we give to the next generation?Do we transfer wealth and human capital to our children, or do we saddle them with debt and obligations to support us in our old age?Standard Generational Accounts (GA) calculate the net present value of public sector taxes and benefits.Full Generational Accounts (FGA) add to this the present value of expected private transfers received over a lifetime, including parental costs of childrearing, bequests, and…
Optimal Design of Means Tested Retirement Benefits
Design of welfare benefits is a tricky business. In this regard, James Meade believed that it is important to avoid excessive distortions to the price of labour. He also recognised that means testing is a useful way of limiting the 'hideously expensive' cost of universal benefits provision; he conjectured that a 50% claw-back rate might be appropriate. We use a rational agent model to explore the welfare effects of alternative retirement benefits…
Generational Accounting in the UK
This paper presents the first set of generational accounts for the United Kingdom. We find that under our baseline scenario, in which pensions are price indexed and health expenditure grows modestly, the imbalance in UK generational policy is small when compared with other leading industrial countries like the United States, Japan, and Germany. However, under an alternative policy scenario, where all social benefits are wage‐indexed and health ca…
The Pensions Green Paper: A Generational Accounting Perspective
In this note we show how the policy proposals contained in the government's Green Paper on pensions (DSS, 1998) affect the long term sustainability of the UK's public finances and redistribution between current and future generations. Using the methodology of generational accounting we show that the proposals in the Green Paper will marginally increase the tax rise needed to ensure intertemporal solvency, and slightly worsen generational imbalanc…
Means Testing Retirement Benefits: Fostering Equity or Discouraging Savings
Means testing plays an important role in the UK state pension system. We use a dynamic programming model to consider the effects of a recent policy reform that reduced the marginal tax rates on private income of means tested retirement benefits from 100% to 40%. Our analysis suggests that the policy reform will encourage the poorest third of all households to both save more and delay retirement, and have the opposite effects on richer households.…
Optimal Design of Means Tested Retirement Benefits
Design of welfare benefits is a tricky business. In this regard, James Meade believed that it is important to avoid excessive distortions to the price of labour. He also recognised that means testing is a useful way of limiting the 'hideously expensive' cost of universal benefits provision; he conjectured that a 50% claw-back rate might be appropriate. We use a rational agent model to explore the welfare effects of alternative retirement benefits…
Is low fertility really a problem? Population aging, dependency, and consumption
Longer lives and fertility far below the replacement level of 2.1 births per woman are leading to rapid population aging in many countries. Many observers are concerned that aging will adversely affect public finances and standards of living. Analysis of newly available National Transfer Accounts data for 40 countries shows that fertility well above replacement would typically be most beneficial for government budgets. However, fertility near rep…
Full Generational Accounts: What Do We Give to the Next Generation
What do we give to the next generation?Do we transfer wealth and human capital to our children, or do we saddle them with debt and obligations to support us in our old age?Standard Generational Accounts (GA) calculate the net present value of public sector taxes and benefits.Full Generational Accounts (FGA) add to this the present value of expected private transfers received over a lifetime, including parental costs of childrearing, bequests, and…
House Prices and Growth with Fixed Land Supply
We analyse housing costs and patterns of residential development over the long term in a dynamic general equilibrium. We show that in a growing economy the speed of travel improvements is crucial to the evolution of land and house prices. We derive a condition for the rate of change in transport efficiency that generates flat land and house prices on a balanced growth path. We present evidence that this condition was satisfied in many countries b…
Generational Wealth Accounts: Did Public and Private Inter-Generational Transfers Offset Each Other over the Financial Crisis
We develop Generational Wealth Accounts (GWA): the first set of balance sheets, by generations, to include all human capital, tangible wealth, financial wealth, and transfer wealth, and the uses to which these are put, and employ them to quantify inter-generational transfers and the sustainability of consumption. Consumption plans in the UK public sector worsened over the financial crisis and are unsustainable; private sector plans improved, and …
Economics (7 works) · Financial Literacy, Pension, Retirement Analysis (6 works) · Fiscal Policy and Economic Growth (5 works) · Global Health Care Issues (3 works) · Labour economics (3 works) · Public economics (3 works) · Computer Science (2 works) · Demographic economics (2 works) · Economic growth (2 works) · Finance (2 works)