Universal Basic Income: A Dynamic Assessment
通过一般均衡模型评估全民基本收入（UBI）的长期福利影响，发现UBI在资本不完美、劳动力市场冲击和代际联系下导致巨大福利损失，且结论对融资方式稳健。
Universal basic income (UBI) is an increasingly popular policy proposal, but there is no evidence regarding its longer-term consequences. We find that UBI generates large welfare losses in a general equilibrium model with imperfect capital markets, labor market shocks, and intergenerational linkages via skill formation and transfers. This conclusion is robust to various alternative ways of financing UBI. By using observationally equivalent models that eliminate different sources of endogenous dynamic linkages (equilibrium capital market and parental investment in child skills), we show that the latter are largely responsible for the negative welfare consequences.