Micro Risks and (Robust) Pareto-Improving Policies
研究了市场不完全且利率低于增长率时，稳健帕累托改进政策的可行性条件，发现政府债务可补充而非替代资本，强调政府债券相比显性再分配的福利改进作用。
We provide conditions for the feasibility of robust Pareto-improving (RPI) policies when markets are incomplete and the interest rate is below the growth rate. We allow for arbitrary heterogeneity in preferences and income risk and a wedge between the return to capital and bonds. An RPI improves risk sharing and can induce a more efficient level of capital. Elasticities of aggregate savings to changes in interest rates are the crucial ingredients to the feasibility of RPIs. Government debt may complement rather than substitute for capital in an RPI. Our analysis emphasizes the welfare-improving qualities of government bonds versus explicit redistribution.