La prochaine séance du séminaire commun CES-ENS Cachan et RITM-UPSud aura lieu jeudi 18 juin 2015 (14h-15h) à Sceaux (adresse exacte ci-dessous). Nous aurons le plaisir de recevoir Robert J. Gary-Bobo (CREST) , qui nous présentera Housing, Capital Taxation and Bequests in a Simple OLG Model (with Jamil Nur, Sciences Po Paris)
Abstract: We study the allocation of housing capital in an overlapping generations economy with competitive property and housing rental markets. In this economy, consumers inherit from their parents when they retire. Agents have paternalistic bequest motives. All agents are identical and there is no redistribution problem. The stationary competitive equilibrium of such a model is inefficient, since old agents consume too much perishable goods and too much housing. We then show that the golden rule stationary optimum can be achieved by means of a simple system of proportional taxes. The optimal allocation is characterized by the fact that the young agents rent their homes and that the old agents own the entire stock of housing capital. An optimal tax system has the following features: the young agents’ rents must be subsidized. Housing capital and capital-income, that is, rents, are both taxed. But bequests must be subsidized. Bequest and rent subsidies are financed by labor income tax and property tax revenues. Rent subsidies are financed by the tax on rents. The government’s budget is balanced. The negative tax on bequests can be interpreted as a pension benefit, paid out of a public pension fund, based on the market value of the housing-capital stock.
18 juin 2015 – 14h
Université Paris Sud – Faculté Jean Monnet
Salle Gaudemet
Bâtiment D – 1er étage
54, Boulevard Desgranges, Sceaux
RER B Station Robinson
Le programme du séminaire pour l’année 2014-2015 est disponible à l’adresse suivante : http://www.ritm.u-psud.fr/seminaires/hotelling/
Le plan du campus et l’affiche du séminaire sont en pièces jointes. L’article est ici
Cordialement,
Les organisateurs
Nathalie Etchart-Vincent
José de Sousa