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Ronald Lee - One of the best experts on this subject based on the ideXlab platform.
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Intergenerational Transfers, the Biological Life Cycle, and Human
2013Co-Authors: Ronald LeeAbstract:Humans are highly social, living and sharing in families and in larger social groups, not autarkic individuals living in self-reliant isolation. Intergenerational Transfers are an economic expression of the links among individuals of different ages and generations, who are often but not always kin. Changes in the population age distribution place stress on some of these links and relax others, affecting the economies of families, social groups, and countries. For autarkic individuals, population age distributions would be irrelevant. Intergenerational Transfers are donations of resources from one age group or generation to another, with no expectation of explicit repayment, and therefore Transfers do not include economic exchanges. 1 Examples are resources devoted by parents to childrearing, adult children supporting their elderly parents, and elderly people assisting their adult children or grandchildren. 2 Intergenerational Transfers are central to many important topics in economic demography. For example, expected or planned net Transfers to a child by parents are equivalent to the private costs of a child, thus connectin
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Intergenerational Transfers, the Biological Life Cycle, and Human Society
Population and development review, 2013Co-Authors: Ronald LeeAbstract:Humans are highly social, living and sharing in families and in larger social groups, not autarkic individuals living in self-reliant isolation. Intergenerational Transfers are an economic expression of the links among individuals of different ages and generations, who are often but not always kin. Changes in the population age distribution place stress on some of these links and relax others, affecting the economies of families, social groups, and countries. For autarkic individuals, population age distributions would be irrelevant. Intergenerational Transfers are donations of resources from one age group or generation to another, with no expectation of explicit repayment, and therefore Transfers do not include economic exchanges.1 Examples are resources devoted by parents to childrearing, adult children supporting their elderly parents, and elderly people assisting their adult children or grandchildren.2 Intergenerational Transfers are central to many important topics in economic demography. For example, expected or planned net Transfers to a child by parents are equivalent to the private costs of a child, thus connecting Transfers to fertility theory. Transfers to children may also be used for human capital investments (health and education), connecting them to later productivity, well-being, and economic growth. Expectations of future Transfers to be received by an individual in excess of Transfers expected to be made constitute a form of wealth known as “transfer wealth.” Transfer wealth can substitute for physical wealth or assets in an individual's portfolio, thereby connecting Transfers to saving behavior, capital accumulation, and economic growth (Barro 1974; Feldstein 1974). Transfers can be private, or they can take place through the public sector, as in the case of public pensions or publicly provided health care or education. Where Transfers are contingent on traits or behaviors other than age alone, they inevitably create incentives and may require monitoring by families or public agencies. Public pensions often create incentives for early retirement (Gruber and Wise 1998), and publicly provided health care can lead to overuse. Transfers can enable societies to achieve more balanced allocations of consumption over the life cycle in some circumstances when markets cannot (Samuelson 1958). Here I will weave together some of these themes and observations across the long sweep of human history. Necessarily much will be speculative, and there are many sweeping generalizations in what follows, but I will draw on data from anthropological studies and the National Transfer Accounts3 project where relevant. In hunter-gatherer societies the central problem was obtaining sufficient food to rear costly dependent children while sustaining the adults, all of whom contributed to this task. Resources flowed downward from adults of all ages to the young, including from the elderly. In modern industrial societies with low fertility, aging populations, and high consumption by elderly who do not work, the central problem is inverted: how can societies afford to support growing proportions of costly elderly? In some rich countries, resources have begun to flow upward rather than down.
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population aging and Intergenerational Transfers introducing age into national accounts
National Bureau of Economic Research, 2006Co-Authors: Andrew Mason, Ronald Lee, Anchi Tung, Munsim Lai, Tim MillerAbstract:In all societies Intergenerational Transfers are large and have an important influence on inequality and growth. The development of each generation of youth depends on the resources that it receives from productive members of society for health, education, and sustenance. The well-being of the elderly depends on familial support and a variety of social programs. The National Transfer Accounts (NTA) system provides a comprehensive approach to measuring all reallocations of income across age and time at the aggregate level. It encompasses reallocations achieved through capital accumulation and Transfers, distinguishing those mediated by public institutions from those relying on private institutions. This paper introduces the methodology and presents preliminary results emphasizing economic support systems in Taiwan and the United States. As the two economies differ in their demographic configuration, their level of development, and their old-age support systems, comparing them will shed light on the economic implications of population aging under alternative institutional arrangements.
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rethinking the evolutionary theory of aging Transfers not births shape senescence in social species
Proceedings of the National Academy of Sciences of the United States of America, 2003Co-Authors: Ronald LeeAbstract:The classic evolutionary theory of aging explains why mortality rises with age: as individuals grow older, less lifetime fertility remains, so continued survival contributes less to reproductive fitness. However, successful reproduction often involves Intergenerational Transfers as well as fertility. In the formal theory offered here, age-specific selective pressure on mortality depends on a weighted average of remaining fertility (the classic effect) and remaining Intergenerational Transfers to be made to others. For species at the optimal quantity–investment tradeoff for offspring, only the transfer effect shapes mortality, explaining postreproductive survival and why juvenile mortality declines with age. It also explains the evolution of lower fertility, longer life, and increased investments in offspring.
Alexander Ludwig - One of the best experts on this subject based on the ideXlab platform.
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optimal capital and progressive labor income taxation with endogenous schooling decisions and Intergenerational Transfers
Research Papers in Economics, 2015Co-Authors: Alexander Ludwig, Dirk KruegerAbstract:In this paper we characterize quantitatively the optimal mix of progressive labor income and capital income taxes as well as and education subsidies in a model with endogenous human capital formation, borrowing constraints, income risk. and incomplete financial markets. Progressive labor income taxes provide social insurance against idiosyncratic income risk and redistributes after tax income among ex-ante heterogeneous households. In addition to the standard distortions of labor supply progressive taxes also impede the incentives to acquire higher education, generating a non-trivial trade-off for the benevolent utilitarian government. The latter distortion can potentially be mitigated by an education subsidy. We find that the welfare-maximizing fiscal policy is indeed characterized by a substantially progressive labor income tax code and a positive subsidy for college education. The optimal degree of the education subsidy is larger than in the current U.S. status quo.
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optimal progressive labor income taxation and education subsidies when education decisions and Intergenerational Transfers are endogenous
The American Economic Review, 2013Co-Authors: Dirk Krueger, Alexander LudwigAbstract:Abstract We quantitatively characterize the optimal mix of progressive income taxes and education subsidies in a model with endogenous human capital formation, borrowing constraints, income risk and incomplete financial markets. In addition to the distortions of labor supply, progressive taxes weaken the incentives to acquire education. The latter distortion can potentially be mitigated by an education subsidy. We find that the welfare-maximizing fiscal policy is indeed characterized by a substantially progressive labor income tax code and a positive subsidy for college education. Both the degree of tax progressivity and the education subsidy are larger than in the current US status quo.
Monisankar Bishnu - One of the best experts on this subject based on the ideXlab platform.
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linking consumption externalities with optimal accumulation of human and physical capital and Intergenerational Transfers
Journal of Economic Theory, 2013Co-Authors: Monisankar BishnuAbstract:This paper opens a new perspective from which one can explain the presence of government intervention in education even in the absence of human capital externality. It argues that consumption externalities can provide rationale for government intervention in education. Within the context of overlapping generations economy, it has also been shown that competitive equilibrium either underaccumulates both physical and human capital or overaccumulates both. Thus the result rules out the possibility of competitive equilibrium deviating from the social optimum in its allocation of physical and human capital in opposite directions. Immediate policy issues have also been discussed.
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linking consumption externalities with optimal accumulation of human and physical capital and Intergenerational Transfers
Staff General Research Papers Archive, 2013Co-Authors: Monisankar BishnuAbstract:This paper opens a new perspective from which one can explain the presence of government intervention in education even in the absence of human capital externality. It argues that consumption externalities can provide rationale for government intervention in education. Within the context of overlapping generations economy, it has also been shown that competitive equilibrium either underaccumulates both physical and human capital or overaccumulates both. Thus the result rules out the possibility of competitive equilibrium deviating from the social optimum in its allocation of physical and human capital in opposite directions. Immediate policy issues have also been discussed. (This abstract was borrowed from another version of this item.)
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linking consumption externalities with optimal accumulation of human and physical capital and Intergenerational Transfers
Staff General Research Papers Archive, 2013Co-Authors: Monisankar BishnuAbstract:This paper opens a new perspective from which one can explain the presence of government intervention in education even in the absence of human capital externality. It argues that consumption externalities can provide rationale for government intervention in education. Within the context of overlapping generations economy, it has also been shown that competitive equilibrium either underaccumulates both physical and human capital or overaccumulates both. Thus the result rules out the possibility of competitive equilibrium deviating from the social optimum in its allocation of physical and human capital in opposite directions. Immediate policy issues have also been discussed. (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.)
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linking consumption externalities with optimal accumulation of human and physical capital and Intergenerational Transfers
2011Co-Authors: Monisankar BishnuAbstract:This paper opens a new perspective from which one can explain the presence of government intervention in education even in the absence of human capital externality. It argues that consumption externalities can provide rationale for government intervention in education. Within the context of overlapping generations economy, it has also been shown that competitive equilibrium either underaccumulates both physical and human capital or overaccumulates both. Thus the result rules out the possibility of competitive equilibrium deviating from the social optimum in its allocation of physical and human capital in opposite directions. Immediate policy issues have also been discussed. (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.)
Dirk Krueger - One of the best experts on this subject based on the ideXlab platform.
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optimal capital and progressive labor income taxation with endogenous schooling decisions and Intergenerational Transfers
Research Papers in Economics, 2015Co-Authors: Alexander Ludwig, Dirk KruegerAbstract:In this paper we characterize quantitatively the optimal mix of progressive labor income and capital income taxes as well as and education subsidies in a model with endogenous human capital formation, borrowing constraints, income risk. and incomplete financial markets. Progressive labor income taxes provide social insurance against idiosyncratic income risk and redistributes after tax income among ex-ante heterogeneous households. In addition to the standard distortions of labor supply progressive taxes also impede the incentives to acquire higher education, generating a non-trivial trade-off for the benevolent utilitarian government. The latter distortion can potentially be mitigated by an education subsidy. We find that the welfare-maximizing fiscal policy is indeed characterized by a substantially progressive labor income tax code and a positive subsidy for college education. The optimal degree of the education subsidy is larger than in the current U.S. status quo.
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optimal progressive labor income taxation and education subsidies when education decisions and Intergenerational Transfers are endogenous
The American Economic Review, 2013Co-Authors: Dirk Krueger, Alexander LudwigAbstract:Abstract We quantitatively characterize the optimal mix of progressive income taxes and education subsidies in a model with endogenous human capital formation, borrowing constraints, income risk and incomplete financial markets. In addition to the distortions of labor supply, progressive taxes weaken the incentives to acquire education. The latter distortion can potentially be mitigated by an education subsidy. We find that the welfare-maximizing fiscal policy is indeed characterized by a substantially progressive labor income tax code and a positive subsidy for college education. Both the degree of tax progressivity and the education subsidy are larger than in the current US status quo.
Oscar Erixson - One of the best experts on this subject based on the ideXlab platform.
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Estates, bequests, and inheritances in Sweden -A look into the Belinda databases EstatEs, bEquEsts, and inhEritancEs in swEdEn a look into thE bElinda databasEs Estates, bequests, and inheritances in Sweden A look into the Belinda databases
2020Co-Authors: Mikael Elinder, Oscar Erixson, Sebastian Escobar, Henry OhlssonAbstract:Abstract The objective of this paper is to describe two new administrative Swedish databases, referred to as the Belinda databases. Together, these databases contain the most detailed individual-level data on estates, bequests, and inheritances currently available. We present descriptive statistics for the key variables in the databases to give a picture of the size of estates, the content of the bequests, and who the recipients of the inheritances are. The statistics may serve as a point of reference for other scholars, but also as an illustration of the various research possibilities that the databases provide and how the data can be matched with other administrative registers. We also, briefly, describe the institutional context regarding Intergenerational Transfers in Sweden, including the inheritance law and the inheritance tax. JEL-Classification: C81, D10, D31, H31, J14, K11, K3