Fiscal Policy with Heterogeneous Agents and Incomplete Markets
量化研究了异质性家庭面临借贷约束时，比例所得税时间调整的短期效应，发现临时减税对消费有显著刺激作用，且在不完全市场下效果更强。
I undertake a quantitative investigation into the short run effects of changes in the timing of proportional income taxes for model economies in which heterogeneous households face a borrowing constraint. Temporary tax changes are found to have large real effects. In the benchmark model, a temporary tax cut increases aggregate consumption on impact by around 29 cents for every dollar of tax revenue lost. Comparing the benchmark incomplete-markets model to a complete-markets economy, income tax cuts provide a larger boost to consumption and a smaller investment stimulus when asset markets are incomplete. Copyright 2005, Wiley-Blackwell.