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文章基于世代交叠模型,采用未特指效用函数分析政府公债规模对家庭代际转移的影响。研究表明,是否存在代际转移取决于子女效用贴现率和市场利率的大小。此外,人力资本转移不同于普通遗产转移,如果代际转移采取人力资本形式,即使转移动机完全有效,政府发行公债仍能影响家庭最优人力资本投资决策。
Based on the generation overlapping model, the paper analyzes the effect of government bond scale on family intergenerational transfer using unspecified utility function. Studies show that the existence of intergenerational transfer depends on the utility rate of children and the size of market interest rates. In addition, the transfer of human capital is different from the transfer of ordinary inheritance. If the transfer takes the form of human capital from generation to generation, even if the transfer motivation is completely effective, government bonds can still affect the family’s optimal human capital investment decision.