Government Debt, Human Capital, and Bequests in a Life-Cycle Model
Bibliographic Data
| ID | 10176992 |
|---|---|
| Authors | Allan Drazen (corresponding author) |
| Year | 1978 |
| Volume | 86 |
| Issue | 3 |
| Pages | 505-516 |
| Publication date | 1978-06-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Publisher | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/260684 |
| OpenAlex | W2004941609 |
| Language | EN |
| Citations received | 19 |
| References cited | 3 |
In a Samuelson overlapping-generations model, conditions for an operative interegenerational transfer motive are derived without special assumptions about the form of the utility function. Crucial in determining if transfers will be positive is the rate at which individuals discount heirs' utility relative to the market interest rate. It is also shown that transfers of human capital (such as investment in education) are not equivalent to ordinary bequests for the bonds-as-net-wealth controversy. If intergenerational transfers take the form of human capital, issuance of government bonds or social security can affect the equilibrium solution, even if the transfer motive is fully operative
Affect (linguistics · Bond · Capital (architecture · Debt · Economics · Government (linguistics · Government Debt · Human capital · Interest rate · Investment (military · Labour economics · Market economy · Microeconomics · Monetary economics · Overlapping generations model · Transfer (computing · Transfer payment · Welfare · Economic theories and models · Finance · Financial Literacy, Pension, Retirement Analysis · Fiscal Policy and Economic Growth
National Debt, Borrowing Constraints, and Human Capital Accumulation in an Endogenous Growth Model
Are Bond-financed Deficits Inflationary? A Ricardian Analysis
Bequests, Golden-age Capital Accumulation and Government Debt
The Effect of Social Security on Lifetime Wealth Accumulation and Bequests
Chapter 15 Intergenerational altruism and neoclassical growth models
Finance Social Security
Human Capital and the Rise and Fall of Families
Public Pensions and Growth
Intergenerational Altruism and Neoclassical Growth Models
On The Economics of Inheritance
Labor immigration and long-run welfare in a growth model with heterogenous agents and endogenous labor supply
A model of income transfers for the urban poor
An intergenerational transfer model of state debt financing
On Nash Versus Stackelberg Strategies and the Conditions for Operative Intergenerational Transfers
Uncertain Lifetime, Consumption, and Dissaving in Retirement
Is Everything Neutral
Altruism and Time Consistency
Missing Markets for Human Capital and Differences in Growth
Human Capital Transfers
| Unique citing works | 19 |
|---|---|
| Citations per year | 0,4 |
| Citation span | 1979 - 2006 (28) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 15 |