FISCAL CONSOLIDATION PROGRAMS AND INCOME INEQUALITY

被引：16

作者：

Brinca, Pedro ^{[1
]}

Ferreira, Miguel H. ^{[2
]}

Franco, Francesco ^{[1
]}

Holter, Hans A. ^{[3
]}

Malafry, Laurence ^{[4
]}

机构：

[1] Nova Sch Business & Econ, Lisbon, Portugal

[2] Univ Cambridge, Cambridge, England

[3] Univ Oslo, Problemveien 7, N-0315 Oslo, Norway

[4] Potsdam Inst Climate Impact Res, Potsdam, Germany

来源：

INTERNATIONAL ECONOMIC REVIEW | 2021年 / 62卷 / 01期

关键词：

TAX PROGRESSIVITY; HETEROGENEITY; GROWTH; WEALTH; POLICY; MULTIPLIERS; ELASTICITY; AUSTERITY;

D O I：

10.1111/iere.12482

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We document a strong empirical relationship between higher income inequality and stronger recessive impacts of fiscal consolidation episodes across time and space. To explain this finding, we develop a life-cycle economy with uninsurable income risk. We calibrate our model to match key characteristics of several European economies, including inequality and fiscal structures, and study the effects of fiscal consolidation programs. In our model, higher income risk induces precautionary savings behavior, which decreases the proportion of credit-constrained agents in the economy. These agents have less elastic labor supply responses to fiscal consolidations, which explain the correlation with inequality in the data.

引用

页码：405 / 460

页数：56

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