Double dividend hypothesis, golden rule and welfare distribution |
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Authors: | Mireille Chiroleu-Assouline Mouez Fodha |
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Institution: | aCentre d’Economie de la Sorbonne, Université Paris 1 Panthéon-Sorbonne, CNRS, Maison des Sciences Economiques, 106-112 Bd de l’Hôpital, F75647 Paris cedex 13, France;bCentre d’Economie de la Sorbonne, Université Paris 1 Panthéon-Sorbonne, CNRS, and ERASME, France |
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Abstract: | This paper analyzes the double dividend issues within the framework of overlapping generations models. We characterize the necessary conditions for obtaining a double dividend, i.e. an improvement of environmental and non-environmental welfare when the revenue from the pollution tax is recycled into a change in the labor tax rate. We show that, depending on the initial capital stock and on the intertemporal elasticity of substitution, conditions may be defined to simultaneously allow (i) the obtaining of a long-term double dividend, (ii) the economy to move closer to the modified golden rule and (iii) in the short term, an improvement in the welfare of the two present generations. |
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Keywords: | Environmental tax Overlapping generations model Golden rule Double dividend |
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