Growth, Income Inequality, and Fiscal Policy: What Are the Relevant Trade‐offs?
构建了一个劳动供给弹性、初始资本禀赋不同的内生增长模型，研究不同融资方式对投资补贴的影响，发现促进增长的政策会加剧税前收入不平等，但福利分配上效率与公平并不冲突。
We develop an endogenous growth model with elastic labor supply, in which agents differ in their initial endowments of physical capital. In this context, the growth rate and the distribution of income are jointly determined. We then examine the distributional impact of different ways of financing an investment subsidy. Policies aimed at increasing the growth rate result in a more unequal distribution of pre‐tax income, consistent with the positive correlation between income inequality and growth observed in the recent empirical literature. However, there is no conflict between efficiency and equity if inequality is measured in terms of the distribution of welfare.