| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12384 |
| DP12384 The Welfare and Distributional Effects of Fiscal Volatility: a Quantitative Evaluation | |
| Ruediger Bachmann; Minjoon Lee | |
| 发表日期 | 2017-10-18 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This study explores the welfare and distributional effects of fiscal volatility using a neoclassical stochastic growth model with incomplete markets. In our model, households face uninsurable idiosyncratic risks in their labor income and discount factor processes, and we allow aggregate uncertainty to arise from both productivity and government purchases shocks. We calibrate our model to key features of the U.S. economy, before eliminating government purchases shocks. We then evaluate the distributional consequences of the elimination of fiscal volatility and find that, in our baseline case, welfare gains increase with private wealth holdings. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Fiscal volatility Welfare costs Distributional effects Labor income risk Wealth inequality Transition path |
| URL | https://cepr.org/publications/dp12384 |
| 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/541195 |
| 推荐引用方式 GB/T 7714 | Ruediger Bachmann,Minjoon Lee. DP12384 The Welfare and Distributional Effects of Fiscal Volatility: a Quantitative Evaluation. 2017. |
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