Macro-Perspective on Asset Grants Programs: Occupational and Wealth Mobility
构建了一个包含信贷摩擦的量化一般均衡模型，分析资产转移项目对总体生产率和收入的影响，发现其效果短暂且异质性大，对人均收入有微小负面影响。
We provide a simple quantitative general equilibrium model of occupational choice with credit market frictions to analyze the aggregate and distributional effects of asset transfer programs. Asset transfer programs have a positive but transient effect on aggregate productivity, and a negative impact on the aggregate capital stock. On net they have a negative but small effect on per capita income. The effects are very heterogeneous across treated individuals. We compare the results in our model to those from recent randomized control trials and historical natural experiments.