FISCAL CONSOLIDATION PROGRAMS AND INCOME INEQUALITY
研究发现收入不平等越高的国家，财政整顿对经济的衰退影响越强。通过构建生命周期模型，解释了高收入风险导致预防性储蓄增加，从而减少信贷约束人口比例，进而影响财政整顿的劳动力供给弹性。
Abstract We document a strong empirical relationship between higher income inequality and stronger recessive impacts of fiscal consolidation episodes across time and space. To explain this finding, we develop a life‐cycle economy with uninsurable income risk. We calibrate our model to match key characteristics of several European economies, including inequality and fiscal structures, and study the effects of fiscal consolidation programs. In our model, higher income risk induces precautionary savings behavior, which decreases the proportion of credit‐constrained agents in the economy. These agents have less elastic labor supply responses to fiscal consolidations, which explain the correlation with inequality in the data.