How does wealth taxation differ from capital income taxation? When the return on
investment is equal across individuals, a well-known result is that the two tax systems are …

W HY DO PEOPLE save? J. Maynard Keynes (1936) lists eight motives which we reproduce
here with one addi-tion: 1 1." To build up a reserve against unforeseen contingencies"(the …

This article attempts to document and account for the long-run evolution of inheritance. We
find that in a country like France the annual flow of inheritance was about 20–25% of …

This paper uses a new, large-scale, dynamic life-cycle simulation model to compare the
welfare and macroeconomic effects of transitions to five fundamental alternatives to the US …

Generational policy is a fundamental aspect of a nation's fiscal affairs. The policy involves
redistributing resources across generations and allocating to particular generations the …

How does wealth taxation differ from capital income taxation? When the return on
investment is equal across individuals, a well-known result is that the two tax systems are …

The conventional wisdom since Yaari (1965) is that households without a bequest motive
should fully annuitize their investments. Numerous frictions do not break this sharp result …

This paper develops, calibrates, and simulates a dynamic 88-period OLG model to study the
intergenerational transmission of US wealth inequality via bequests. The model features …

Bequests and Retirement Wealth in the United States Page 1 Bequests and Retirement
Wealth in the United States Lutz Hendricks* Arizona State University Department of …

We study the dynamics of the distribution of wealth in an economy with intergenerational
transmission of wealth and redistributive fiscal policy. We characterize the transitional …