What are the macroeconomic implications of intergenerational transfers?

Aug 13, 2018 ... There we "compact" the constraint into one, so here they are outside the sum and the intertemporal discounting, with the understanding that the ... +. +. +. , and so on – are discount factors. 116. We will refer to this last expression as the intertemporal government budget constraint, which is an infinite- ... Oct 26, 2017 ... the government's present value budget constraint (PVBC) holds. • the credit market clears: Sp = B. That is, private savings = quantity of debt ... to an intertemporal budget constraint. Whatever solution approach one employs — the calculus of variations, optimal control theory or dynamic programming ... Aug 31, 2020 ... In its standard form, the intertemporal budget constraint requires the present value of a government's future primary cash surpluses to be ... The level of consumption will be determined by the intertemporal budget constraint (7). • The population growth rate n does not enter into these expressions. Keywords: current account deficits, sustainability, intertemporal budget constraint ... sustainability of the intertemporal budget constraint: – when there is no ... ... (intertemporal and otherwise) budget constraints. Under weak assumptions, we prove this distorts several aspects of their consumption and production plans ... "Are stationarity and cointegration restrictions really necessary for the intertemporal budget constraint?," Journal of Monetary Economics, Elsevier, vol. 54(7) ... Aug 20, 2019 ... Consumption, Saving, and the Intertemporal Budget Constraint ... Unless otherwise noted, content on this site is licensed under the Creative ...