Bequests, Inter Vivos Transfers, and Wealth Distribution: Technical Paper 2000-8

Shinichi Nishiyama ()

No 13332, Working Papers from Congressional Budget Office

Abstract: This paper extends the heterogeneous agent overlapping generations model with bequests in Nishiyama (2000) by adding two-way intergenerational altruism and inter vivos transfers. Calibrating the model to the U.S. economy, the paper measures time preference and intergenerational altruism consistent with the economy's capital-output ratio and the sizes of intergenerational transfers. In the model, households in the same dynasty play a Nash game in each period to determine their optimal consumption, working hours, inter vivos transfers, and savings. The model suggests

Date: 2000-12-01
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