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dc.contributor.authorFehr, Hansen
dc.contributor.authorKindermann, Fabianen
dc.date.accessioned2012-11-01-
dc.date.accessioned2012-11-02T17:10:47Z-
dc.date.available2012-11-02T17:10:47Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/65845-
dc.description.abstractThis note demonstrates that optimal tax calculations in overlapping generations models should not be based exclusively on long-run welfare changes. As the latter represent a mix of efficiency and intergenerational redistribution effects, they typically favor policies which redistribute towards future cohorts. Taking the recent study of Conesa et al. (2009) as an example, we explicitly consider short- and long-run welfare effects and isolate the aggregate efficiency consequences of a tax reform. Based on this aggregate efficiency measure, we find a much lower capital income tax rate and a significantly less progressive labor income tax schedule than Conesa et al. (2009) to be optimal. As we demonstrate, the optimality of capital income taxation is explained by the low interest elasticity of precautionary savings compared to that of life-cycle savings.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3973en
dc.subject.jelC68en
dc.subject.jelH21en
dc.subject.jelD91en
dc.subject.ddc330en
dc.subject.keywordstochastic OLG modelen
dc.subject.keywordprecautionary savingsen
dc.subject.keywordintragenerational risk sharing and redistributionen
dc.titleOptimal taxation with current and future cohorts-
dc.typeWorking Paperen
dc.identifier.ppn729070107en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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