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Wealth Distribution and Optimal Inheritance Taxation in Life-Cycle Economies with Intergenerational Transfers

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Heer, Burkhard

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Abstract

Intergenerational transfers are introduced into a general equilibrium life-cycle model in order to explain observed levels of wealth heterogeneity. In our overlapping generations model, heterogenous agents face uncertain lifetime and leave both accidental and voluntary bequests to their children. Furthermore, agents face stochastic employment opportunities. The model is calibrated with regard to the characteristics of the US economy. Our results indicate that bequests only account for a small proportion of observed wealth heterogeneity. The introduction of an inheritance tax increases both welfare, as measured by the average lifetime utility of a newborn, and equality of the wealth distribution. Copyright 2001 by The editors of the Scandinavian Journal of Economics.

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Article provided by Blackwell Publishing in its journal Scandinavian Journal of Economics.

Volume (Year): 103 (2001)
Issue (Month): 3 (September)
Pages: 445-65
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Handle: RePEc:bla:scandj:v:103:y:2001:i:3:p:445-65

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  1. Christoph Winter, 2007. "Accounting for the Changing Role of Family Income in Determining College Entry," Economics Working Papers ECO2007/49, European University Institute. [Downloadable!]
  2. Marco Cagetti & Mariacristina De Nardi, 2006. "Wealth Inequality: Data and Models," NBER Working Papers 12550, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Burkhard Heer, 2003. "Employment and Welfare Effects of a Two-Tier Unemployment Compensation System," Asia-Pacific Financial Markets, Springer, vol. 10(2), pages 147-168, March. [Downloadable!] (restricted)
    Other versions:
  4. Christoph Winter, 2009. "Accounting for the changing role of family income in determining college entry," IEW - Working Papers iewwp402, Institute for Empirical Research in Economics - IEW. [Downloadable!]
  5. Burkhard Heer, 2002. "Should Unemployment Benefits be Related to Previous Earnings?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  6. Holger Strulik & Volker Grossmann, 2008. "Should Continued Family Firms Face Lower Taxes than other Estates?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  7. Hénin, Pierre-Yves & Weitzenblum, Thomas, 2003. "Redistribution through alternative pension reforms: A life-cycle analysis on French occupational groups," CEPREMAP Working Papers (Couverture Orange) 0307, CEPREMAP. [Downloadable!]
  8. Christian Kleiber & Martin Sexauer & Klaus Wälde, 2006. "Bequests, Taxation and the Distribution of Wealth in a General Equilibrium Model," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  9. Burkhard Heer & Bernd Suessmuth, 2003. "Inflation and Wealth Distribution," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  10. Mariacristina De Nardi, 2002. "Wealth inequality and intergenerational links," Staff Report 314, Federal Reserve Bank of Minneapolis. [Downloadable!]
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