Fiscal Policy with Heterogeneous Agents and Incomplete Markets
Fiscal Policy with Heterogeneous Agents and Incomplete Markets
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异质主体和不完全市场的财政政策
DOI：
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
J. Heathcote
中科院分区：
文献类型：
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作者：
J. Heathcote
我对一个模型经济中征税时间变化的短期影响进行了定量调查，在这个模型经济中，异质家庭只交易一种资产，并面临借贷限制。这种资产市场结构意味着，低财富家庭的消费对税收变化很敏感。本文的主要发现是，当模型中的财富分配与美国相似时，市场不完全性解释了减税后直接总消费的大幅增加，以及增税后大量消费的下降。例如，当税收是一次性的时候，税收收入的一美元变化与总消费的15美分变化相关，相比之下，当市场完善但家庭寿命有限时，反应大约是这一规模的三分之一。我发现，如果利率是恒定的，而不是由内部决定的，对税收变化的反应会更大，如果税收是成比例的，而不是一次性的，对税收变化的反应会更小。
I undertake a quantitative investigation into the short run effects of changes in the timing of taxes for a model economy in which heterogeneous households trade only one asset and face a borrowing constraint. This asset market structure implies that the consumption of low wealth households is sensitive to tax changes. The main finding of the paper is that when the wealth distribution in the model resembles that in the United States, market incompleteness accounts for large immediate aggregate consumption increases following tax cuts, and large consumption falls following tax increases. When taxes are lump-sum, for example, a dollar change in tax revenue is associated with a 15 cent change in aggregate consumption, compared to a response of roughly one third this size when markets are complete but households are finitely-lived. I find the response to tax changes to be larger if the interest rate is constant rather than determined endogenously, and smaller if taxes are proportional rather than lump-sum.