An Equilibrium Analysis of Fiscal Policy with Uncertainty and Incomplete Markets
在一个简单的跨期一般均衡模型中，研究税收政策的保险功能。模型中的个体对未来工资和资本回报率都不确定。税收和一次性补贴通常会减少就业、产出和资本存量，但可以设计成在不完全市场均衡下实现帕累托改进。这些政策针对个体冲击而非总体冲击提供保险。
Insurance aspects of tax policies are studied in a simple intertemporal general equilibrium model in which agents are uncertain about both the future wage rates and the rate of return on capital. Taxation and lump-sum subsidy policies generally reduce employment, output, and the capital stock but, nonetheless, they can be structured to provide Pareto improvements on the incomplete market equilibrium. These policies provide insurance against individual shocks, not aggregate shocks. Examples of welfare maximizing tax schemes are provided using a simple computable general equilibrium model. Copyright 1993 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.