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Erscheinungsjahr: 
2004
Schriftenreihe/Nr.: 
ECB Working Paper No. 386
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper surveys intergenerational altruism in neoclassical growth models. It first examines Barro's approach to intergenerational altruism, whereby successive generations are linked by recursive altruistic preferences. Individuals have an altruistic concern only for their children, who in turn also have altruistic feelings for their own children. The conditions under which the Ricardian equivalence (debt neutrality) theorem applies are specified. The effectiveness of fiscal policy is further analysed in the context of an economy populated by heterogeneous families differing with respect to their degree of intergenerational altruism. Other forms of altruism, referred to as ad hoc altruism, are also examined, along with their implications for fiscal policy.
Schlagwörter: 
altruism
fiscal policy
Neoclassical general aggregative models
JEL: 
E13
D64
E62
C60
Dokumentart: 
Working Paper

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