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PUBLIC DEBT CONSOLIDATION AND ITS DISTRIBUTIONAL EFFECTS

机译：公共债务合并及其分布效应

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摘要

We build a dynamic general equilibrium model with heterogeneous households, namely Rich and Poor, and capital-skill complementarity structure in the production function, to study aggregate and distributional implications of fiscal consolidation policies when the government uses a rich set of spending and tax instruments. Fiscal policy is conducted through constrained optimized fiscal rules. Our results show that, in the long run, fiscal consolidation enhances both aggregate efficiency and equity; however, it may hurt Rich households depending on which fiscal instrument takes advantage of the fiscal space created. Along the transition, wage inequality significantly increases due to the capital-skill complementarity structure of the production function. Specifically, this happens because debt consolidation crowds in capital and this favors Rich (skilled) households. On the other hand, the reduction in interest rates and government bonds lead to a decrease in Rich households' income coming from capital and government bonds which eventually decrease income inequality. Finally, a rather novel finding is that the combination of asset and skill heterogeneity amplifies the increase in wage inequality in the early phase of fiscal consolidation.
机译：我们建立了具有异质家庭的动态普通均衡模型，即生产职能中的富裕和贫困，资本技能互补结构，在政府使用丰富的支出和税务工具时研究财政整顿政策的总和​​分布含义。财政政策是通过约束优化的财政规则进行的。我们的研究结果表明，从长远来看，财政整合提高了总效率和股权;但是，这可能会根据哪个财政仪器利用所创造的财政空间来损害富裕的家庭。沿着过渡，由于生产功能的资本技能互补结构，工资不平等显着增加。具体而言，这发生了因为资本的债务整合人群，这是富人富人（熟练）的家庭。另一方面，利率和政府债券的减少导致资本和政府债券的富裕家庭收入减少，最终会降低收入不平等。最后，相当小说的发现是资产和技能异质性的组合放大了财政整理早期工资不等式的增加。

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  • 来源
    《The Manchester school》 |2021年第suppla期|131-174|共44页
  • 作者

    Sakkas Stelios; Varthalitis Petros;

  • 作者单位

    European Commiss JRC Brussels Belgium;

    Trinity Coll Dublin Dept Econ ESRI Dublin Ireland;

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  • 正文语种 eng
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