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タイトル: The Effectiveness of Consumption Taxes and Transfers as Insurance against Idiosyncratic Risk
著者: Nakajima, Tomoyuki
Takahashi, Shuhei  kyouindb  KAKEN_id
キーワード: Consumption taxes
Transfers
Risk sharing
Consumption inequality
Indivisible labor
Incomplete markets
発行日: 5-Feb-2016
出版者: Institute of Economic Research, Kyoto University
誌名: KIER Discussion Paper
巻: 933
抄録: We quantitatively evaluate the effectiveness of a consumption tax and transfer program as insurance against idiosyncratic earnings risk. Our framework is a heterogeneousagent, incomplete-market model with idiosyncratic wage risk and indivisible labor. The model is calibrated to the U.S. economy. We find a weak insurance effect of the transfer program. Extending the transfer system from the current scale raises consumption uncertainty, which increases aggregate savings and reduces the interest rate. Furthermore, consumption inequality shows a small decrease.
記述: Revised: January 2017
URI: http://hdl.handle.net/2433/204608
出現コレクション:KIER Discussion Paper (英文版)

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