Redistributive Taxation and Personal Bankruptcy in U.S. States
研究了美国各州再分配税收与个人破产法规之间的替代关系，发现两者负相关且均有助于消费增长更平等，对关注消费保险的政策制定者有参考价值。
Personal bankruptcy regulation and redistributive taxes and transfers vary considerably across U.S. states and over time. Our hypothesis is that both policies are imperfect substitutes in insuring consumption of risk‐averse agents in incomplete markets. Exploiting data variation over time for 18 U.S. states for the period 1980–2003, we find considerable support for this hypothesis: redistributive taxation and bankruptcy exemptions are negatively correlated, and both policies are associated with more equal consumption growth.