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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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Generational accounting --- Fiscal policy

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Against a background of projections of sharply increasing elderly dependency rates, workers in the major industrial economies are apprehensive that their social security benefit entitlements will be cut before or after they retire, leaving them with inadequate retirement income. This paper looks at recent benefit rule changes in the G7 countries to see what can be learned about such political risk in PAYG pension systems. From this small sample, I find that projections of rising costs under current rules are inducing reforms, and that these reforms often have a major impact on the present discounted value of promised benefits for middle-aged and younger workers. Usually, however, the benefits of the retired and those nearing retirement are protected. The phasing in of benefit cuts raises the question as to why younger workers are willing to take significant cuts in their implicit wealth while protecting the currently old. One possible answer is explored through a simple model: these workers fear even larger cuts in their benefits if the tax burden on future workers rises too high.

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

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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.