G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11337
DP11337 Optimal Automatic Stabilizers
Alisdair McKay
发表日期2016-06-17
出版年2016
语种英语
摘要Should the generosity of unemployment benefits and the progressivity of income taxes de- pend on the presence of business cycles? This paper proposes a tractable model where there is a role for social insurance against uninsurable shocks to income and unemployment, as well as inefficient business cycles driven by aggregate shocks through matching frictions and nominal rigidities. We derive an augmented Baily-Chetty formula showing that the optimal generosity and progressivity depend on a macroeconomic stabilization term. Using a series of analytical examples, we show that this term typically pushes for an increase in generosity and progressivity as long as slack is more responsive to social programs in recessions. A calibration to the U.S. economy shows that taking concerns for macroeconomic stabilization into account raises the optimal unemployment benefits replacement rate by 13 percentage points but has a negligible impact on the optimal progressivity of the income tax. More generally, the role of social insurance programs as automatic stabilizers affects their optimal design.
主题Monetary Economics and Fluctuations
关键词Counter-cyclical fiscal policy Redistribution Distortionary taxes
URLhttps://cepr.org/publications/dp11337
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/540153
推荐引用方式
GB/T 7714
Alisdair McKay. DP11337 Optimal Automatic Stabilizers. 2016.
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