| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19470 |
| 来源ID | Working Paper 19470 |
| Taxes, Debts, and Redistributions with Aggregate Shocks | |
| Anmol Bhandari; David Evans; Mikhail Golosov; Thomas J. Sargent | |
| 发表日期 | 2013-09-26 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | A planner sets a lump sum transfer and a linear tax on labor income in an economy with incomplete markets, heterogeneous agents, and aggregate shocks. The planner's concerns about redistribution impart a welfare cost to fluctuating transfers. The distribution of net asset holdings across agents affects optimal allocations, transfers, and tax rates, but the level of government debt does not. Two forces shape long-run outcomes: the planner's desire to minimize the welfare costs of fluctuating transfers, which calls for a negative correlation between the distribution of net assets and agents' skills; and the planner's desire to use fluctuations in the real interest rate to adjust for missing state-contingent securities. In a model parameterized to match stylized facts about US booms and recessions, distributional concerns mainly determine optimal policies over business cycle frequencies. These features of optimal policy differ markedly from ones that emerge from representative agent Ramsey models like Aiyagari et al (2002). |
| 主题 | Macroeconomics ; Fiscal Policy ; Public Economics ; Taxation ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w19470 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577144 |
| 推荐引用方式 GB/T 7714 | Anmol Bhandari,David Evans,Mikhail Golosov,et al. Taxes, Debts, and Redistributions with Aggregate Shocks. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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