| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2913 |
| DP2913 Purchasing Power Parity and the Real Exchange Rate | |
| Mark Taylor; LUCIO SARNO | |
| 发表日期 | 2001-08-08 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This Paper provides an analytical characterization of Markov perfect equilibria in a model with repeated majority voting, where agents vote over income redistribution. The key feature of the theory is that the future constituency of redistributive policies depends positively on the current level of redistribution, since this affects both private investments and the future distribution of voters. Agents vote rationally, and fully anticipate the effects of their political choice on both private incentives and future voting outcomes. The equilibrium features multiple steady-states, one with and one without a welfare state. The theory can explain why welfare state institutions, originally introduced in response to specific shocks (e.g., the Great Depression), have been so persistent. |
| 主题 | International Macroeconomics ; Public Economics |
| 关键词 | Repeated voting Markov equilibrium Multiple equilibria Welfare state Redistribution Policy-behaviour complementarity Wage inequality Education |
| URL | https://cepr.org/publications/dp2913 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531957 |
| 推荐引用方式 GB/T 7714 | Mark Taylor,LUCIO SARNO. DP2913 Purchasing Power Parity and the Real Exchange Rate. 2001. |
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