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Tax Policy, the Macroeconomy, and Intergenerational Distribution

The paper studies the dynamic macroeconomic and welfare effects of tax policy in the context of an overlapping-generations model of the Yaari-Blanchard type for a closed economy. The model is extended to allow for endogenous labor supply and three tax instruments – namely, a capital tax, labor income tax, and consumption tax. It is shown that labor taxes increase welfare of old generations whereas capital and consumption taxes reduce their welfare.