How much to share: Welfare effects of fiscal transfers

Autor:	Sunghyun Henry Kim, Jinill Kim
Rok vydání:	2017
Předmět:	Macroeconomics Economics and Econometrics media_common.quotation_subject 05 social sciences Competitive equilibrium Social planner Capital formation Economy model 0502 economics and business Dynamic stochastic general equilibrium Economics 050207 economics Sovereign debt Welfare 050205 econometrics media_common
Zdroj:	Canadian Journal of Economics/Revue canadienne d'économique. 50:636-659
ISSN:	1540-5982 0008-4085
DOI:	10.1111/caje.12273
Popis:	Recent sovereign debt crisis has challenged policy makers to explore the possibility of establishing a …scal-transfer system that could alleviate the negative impact of asymmetric shocks across countries. Using a simple labor-production economy model, we …rst derive an analytically tractable solution for optimal degree of …scal transfers. In this economy, …scal transfers can improve welfare by moving the competitive equilibrium with …scal transfers closer to the social planner’s solution. We then extend the model to a DSGE setting with capital formation
Databáze:	OpenAIRE
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