By issuing tax-exempt bonds, the government can incur debt and never pay back any principal or interest, even if the economy without public debt evolves on a dynamically efficient growth path. The welfare effects of such a Ponzi type borrowing scheme are mixed. The current young will...

In the presence of endogenous growth intergenerational transfer from the young to the old reduce per capita income growth and harm future generations. On the other hand, competitive equilibria are inefficient if externalities sustain long-run growth. This paper shows that if individuals retire...

This paper analyzes the intergenerational incidence of wage and consumption taxes imposed to finance a given amount of public expenditures. It employs a continuous time overlapping generations framework to demonstrate that it essentially hinges on the relationship between the age-earnings and...

Der vorliegende Beitrag liefert eine normative Betrachtung der Auswirkungen intergenerationeller Transfers in Form von umlagefinanzierten Altersrenten in Ökonomien mit endogen bestimmtem Wirtschaftswachstum. Zunächst wird intergenerationellen Transfers eine allokative Rolle zugewiesen. Diese...