Bequests, Gifts, and Social Security
分析无基金社会保障体系在长期稳态下的影响，使用代际交叠模型，考虑父母与子女间的双向转移（遗产和赠与），发现负净遗产可能减轻社保对私人财富积累的损害。
This paper analyses the very long run, or "stationary state, " impact of an unfunded social security system. We use an overlapping generations model framework. A key feature is that while parents care about their children and can leave non-negative bequests to them, children also care about their parents and can make non-negative "gifts" to them. We show that the possibility of negative "net bequests" may make social security less harmful to private wealth accumulation than would otherwise be the case. A subsidiary finding is that risk-loving behaviour may emerge for some households due to the nature of intergenerational transfers within family lines.