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Author : Akira Yakita
Release : 1999
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Book Synopsis Taxation in an Overlapping Generations Model with Human Capital by : Akira Yakita
Download or read book Taxation in an Overlapping Generations Model with Human Capital written by Akira Yakita. This book was released on 1999. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lutz Hendricks
Release : 2000
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Book Synopsis Taxation and the Intergenerational Transmission of Human Capital by : Lutz Hendricks
Download or read book Taxation and the Intergenerational Transmission of Human Capital written by Lutz Hendricks. This book was released on 2000. Available in PDF, EPUB and Kindle. Book excerpt: How do taxes affect human capital accumulation? This question has been studied extensively in the context of two model classes: overlapping generations (OLG) and infinite horizon (IH) models. These embody very different assumptions about the intergenerational transmission of physical and human capital. OLG models typically abstract from intergenerational linkages, while IH models implicitly assume that new agents inherit human and physical capital from their parents. This paper investigates how such differences in intercohort persistence affect the responsiveness of human capital to taxation. A model is developed that nests OLG and IH models as special cases. Analytical expressions for the steady state tax elasticities of human capital are derived for versions of the model with varying degrees of persistence. The main finding is that higher persistence increases the responsiveness of human capital to both wage and capital income taxes. As a result, IH models generate larger tax elasticities than do OLG models with incomplete persistence, even if cohorts are altruistically linked. In a calibrated version of the model, moving from no persistence to complete persistence increases the tax elasticity of human capital by a factor between two and three.
Author : Lutz Hendricks
Release : 1999
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Book Synopsis How Do Taxes Affect Human Capital? The Role of Intergenerational Mobility by : Lutz Hendricks
Download or read book How Do Taxes Affect Human Capital? The Role of Intergenerational Mobility written by Lutz Hendricks. This book was released on 1999. Available in PDF, EPUB and Kindle. Book excerpt: Existing studies of the effects of taxation on human capital accumulation are based on models with extreme intergenerational mobility properties. One strand of the literature uses life-cycle models, in which intergenerational mobility is perfect. Another strand relies on models of infinitely lived dynasties, in which intergenerational persistence is perfect. Hendricks (1999a) shows that the predicted tax effects differ in important ways across the two model classes, in large part due to the extreme mobility properties implied by standard infinite horizon and life-cycle models. It is therefore important to study the effects of taxes in environments with realistic intergenerational mobility properties. To this end, this paper develops an overlapping generations model of taxation and human capital accumulation which matches features of the intergenerational transmission of earnings and education estimated from a panel of U.S. workers. The main finding is that abstracting from the intergenerational transmission of human capital, as is typically done in life-cycle models, has little impact on the predicted effects of tax reforms. In contrast, models with extreme degrees of intergenerational persistence, as implicit in infinite horizon models, generate very different outcomes. This finding cautions against the use of infinite horizon models of human capital accumulation.
Author : T. Ihori
Release : 1996-11-20
Genre : Business & Economics
Kind : eBook
Book Rating : 902/5 ( reviews)
Book Synopsis Public Finance in an Overlapping Generations Economy by : T. Ihori
Download or read book Public Finance in an Overlapping Generations Economy written by T. Ihori. This book was released on 1996-11-20. Available in PDF, EPUB and Kindle. Book excerpt: 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 the effects of tax reform on dynamic efficiency, positive and normative effects of public spending, considerations of taxes on fixed assets and monetary holdings, and sustainability of deficits. A unique approach is applied in the study of public finance: one expected to generate substantial interest among current graduate students and active researchers.
Author : Ary Lans Bovenberg
Release : 1995
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Book Synopsis Progressive Taxes, Equity and Human Capital Accumulation in an Endogenous Model with Overlapping Generations by : Ary Lans Bovenberg
Download or read book Progressive Taxes, Equity and Human Capital Accumulation in an Endogenous Model with Overlapping Generations written by Ary Lans Bovenberg. This book was released on 1995. Available in PDF, EPUB and Kindle. Book excerpt:
