G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3861
DP3861 How Large are Search Frictions?
Coen N. Teulings; Pieter A. Gautier
发表日期2003-04-24
出版年2003
语种英语
摘要We analyse risk-sharing and endogenous fiscal spending in a two-region model with sequentially complete markets. Fiscal policy is determined by majority voting. When policy setting is decentralized, regions choose pro-cyclical fiscal spending in an attempt to manipulate security prices to their benefit. This leads to incomplete risk-sharing, despite the existence of complete markets and the absence of aggregate risk. When a fiscal union centralizes fiscal policy, security prices can no longer be manipulated and complete risk sharing ensues. If regions are relatively homogeneous, median income residents of both regions prefer the fiscal union. If they are relatively heterogeneous, the median resident of the rich region prefers the decentralized setting.
主题Public Economics
关键词Endogenous policy Complete markets Efficiency Risk-sharing
URLhttps://cepr.org/publications/dp3861
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/532867
推荐引用方式
GB/T 7714
Coen N. Teulings,Pieter A. Gautier. DP3861 How Large are Search Frictions?. 2003.
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