Dynamic efficiency in the gifts economy O'Connell, Stephen A; Zeldes, Stephen P

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O'Connell, Stephen A ; Zeldes, Stephen P
Appears In
Journal of Monetary Economics
Saving and investment - Mathematical models.; Capital formation -- Analysis; Gifts -- Economic aspects
Academic; Trade
Parental saving results in a reduction in gifts from children in a gifts economy, thus reducing net returns to saving where gifts are positive, an analysis which contrasts with standard views where actions of parents and children are given. The effective tax on saving in a gift economy takes equilibrium to dynamic efficiency. This finding also contributes to the debate on Ricardo's views on equivalence, and has implications for social security polices and analyses of effective taxation on accumulation of capital.
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