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This paper shows how changes in generational accounts relate to the generational incidence of fiscal policy. To illustrate the relationship, it uses the Auerbach-Kotlikoff Dynamic Life-Cycle Simulation Model to compare policy-induced changes in generational accounts with actual changes in generations' utilities. The paper considers a wide range of policies in closed and small open economies as well as economies with and without capital adjustment costs. In general, changes in generational accounts appear to provide fairly good approximations to generations' actual changes in utilities. The approximations are better for living generations. They are worse for policies that involve significant changes in the degree of tax progressivity and for economies with sizable capital- adjustment costs. Finally, generational accounting needs to be adjusted in the case of small open economies to take into account the fact that the incidence of corporate taxation is on labor. The method of adjustment is simply to allocate changes in corporate tax revenues to generations in proportion to their changes in labor supply.

Generational accounting.

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This paper extends the Ramsey model's normative analysis to issues of generational welfare and intergenerational transfers. A planner, who maximizes the discounted welfare of an endless stream of generations, is intrinsically biased against larger cohorts, which are more costly to provide utility. Imperfect production substitutability produces a market bias against baby booms as well, lowering their lifetime income. The market bias, however, tends to be greater than that of the planner, who provides the baby boom cohort with more favourable lifetime transfers. Intuitively, the baby boom benefits from temporarily reduced elderly dependency, allowing greater lifetime consumption relative to lifetime income. Declining population growth leads to rising elderly dependency, which the planner supports with increasing intergenerational transfers. Secularly rising social security taxes, and declining lifetime returns, with a baby boom cohort receiving more favourable treatment than their heavily burdened successors, are consistent with the wishes of a social planner in an environment with declining population growth.

Generational accounting. --- Social security --- Finance.

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Trauma --- Psychic trauma. --- Generational trauma.

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"Constructed as a psychoanalytic diary, the authors of this book reflect on clinical observations from their work with patients during the COVID-19 pandemic, tracking these singular experiences to arrive at broader understanding of the psychological characteristics of collective trauma. Based on the theoretical framework of their previous book, which focuses on the transgenerational, psychological effects of large-scale social-historical traumas and introduced new concepts such as the 'Transgenerational Atmosphere', the authors here explore the trauma itself, especially those deep traumas which affect a large group of people or even the whole of humanity, including pandemics, natural disasters, terrorism and war. In this volume, the authors progress toward the potential immediate and long-term psychological effects of such trauma, including the possibility of the activation of unprocessed transgenerational traumatic experiences, but also the potential for growth. Rich in clinical material and methodological suggestions, this book will appeal to mental health professionals, including psychiatrists, psychologists, psychoanalysts, and social workers, in addition to professors in other academic disciplines, such as sociology, history, philosophy and anthropology"--

COVID-19 Pandemic, 2020 --- -COVID-19 (Disease) --- Generational trauma

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Fiscal policy --- Generational accounting --- Social security --- Fiscal policy - United States. --- Generational accounting - United States. --- Social security - United States.