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政大機構典藏 > 社會科學學院 > 財政學系 > 期刊論文 > Item 140.119/157350

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Title:	Are unconditional lump-sum transfers a good idea?
Authors:	楊建成 Yang, C.C.;Chen, Yunmin;Chien, Yili;Wen, Yi
Contributors:	財政系
Keywords:	Lump-sum transfers;Universal basic income;Ramsey problem;Public liquidity;Incomplete markets;Heterogeneous agents
Date:	2021-12
Issue Date:	2025-06-13 09:28:34 (UTC+8)
Abstract:	The role of unconditional lump-sum transfers in improving social welfare in heterogenous agent models has not been thoroughly understood in the literature. We adopt an analytically tractable Aiyagari-type model to study the distinctive role of unconditional lump-sum transfers in reducing consumption inequality due to ex-post uninsurable income risk under borrowing constraints. Our results show that in the presence of ex-post heterogeneity and in the absence of wealth inequality, unconditional lump-sum transfers are not a desirable tool for reducing consumption inequality—the Ramsey planner opts to rely solely on public debt and a linear labor tax (in the absence of a lump-sum tax) to mitigate income risk without the need for lump-sum transfers, in contrast to the result obtained by Werning (2007), Azzimonti and Yared (2017), and Bhandari et al. (2017) in models with ex-ante heterogeneity.
Relation:	Economics Letters, Vol.209, 110088, pp.1-10
Data Type:	article
DOI 連結:	https://doi.org/10.1016/j.econlet.2021.110088
DOI:	10.1016/j.econlet.2021.110088
Appears in Collections:	[財政學系] 期刊論文

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