全球智库信息集成服务系统(G2TT): DP15283 Optimal allocations to heterogeneous agents with an application to stimulus checks

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP15283
	DP15283 Optimal allocations to heterogeneous agents with an application to stimulus checks
	Vegard M. Nygaard; Bent E Sørensen; Fan Wang
发表日期	2020-09-11
出版年	2020
语种	英语
摘要	A planner allocates discrete transfers of size D_g to N heterogeneous groups labeled g and has CES preferences over the resulting outcomes, H_g(D_g) . We derive a closed-form solution for optimally allocating a fixed budget subject to group-specific inequality constraints under the assumption that increments in the H_g functions are non-increasing. We illustrate our method by studying allocations of "support checks'' from the U.S. government to households during both the Great Recession and the COVID-19 pandemic. We compare the actual allocations to optimal ones under alternative constraints, assuming the government focused on stimulating aggregate consumption during the 2008-2009 crisis and focused on welfare during the 2020-2021 crisis. The inputs for this analysis are obtained from versions of a life-cycle model with heterogeneous households, which predicts household-type-specific consumption and welfare responses to tax rebates and cash transfers.
主题	Monetary Economics and Fluctuations
关键词	Economic stimulus act American rescue plan Consumption inequality Propensity to consume Welfare inequality
URL	https://cepr.org/publications/dp15283-4
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/544260
推荐引用方式 GB/T 7714	Vegard M. Nygaard,Bent E Sørensen,Fan Wang. DP15283 Optimal allocations to heterogeneous agents with an application to stimulus checks. 2020.