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Creator: Smith, Bruce D. (Bruce David), 1954-2002 Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 237 Abstract:
A model is presented in which governments can select real expenditure levels which are feasible, hut are sufficiently high that a balanced budget is impossible. Thus governments with large expenditures are committed to inflationary finance schemes. This is the case even though the governments in question have access to lump-sum taxes. In addition, the model can explain why poorer countries tend to make heavier use of the inflation tax than do wealthier countries, and can account for the existence of country-specific fiat monies.
Palabra clave: Government expenditure, Inflationary finance, Real expenditures, Inflation tax, and Deficit Tema: H62 - National Deficit; Surplus, H50 - National Government Expenditures and Related Policies: General, and E31 - Price Level; Inflation; Deflation
Creator: Aschauer, David Alan. Series: Business analysis committee meeting Abstract:
This paper considers the relationship between total private factor productivity and stock and flow government expenditure variables. The empirical results indicate that (i) the nonmilitary public capital stock is dramatically more important in determining productivity than is either the flow of nonmilitary or military spending, (ii) military capital is not productive, and (iii) the public stock of structures--especially a "core" infrastructure of streets, highways, sewers, and water systems--has more explanatory power for productivity than does the stock of equipment. The paper also suggests an important role for the net public capital stock in the "productivity slowdown" of the last fifteen years.
Tema: D24 - Production and organizations - Production ; Cost ; Capital and total factor productivity ; Capacity and H54 - National government expenditures and related policies - Infrastructures ; Other public investment and capital stock
Creator: Dahl, David S. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 052 Descripción:
Second cover page indicates report dated February 12, 1976.
Palabra clave: State government, Local government, Ninth district economy, and Expenditures Tema: H50 - National Government Expenditures and Related Policies: General and H72 - State and Local Budget and Expenditures
Creator: Braun, R. Anton and McGrattan, Ellen R. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 519 Palabra clave: Government expenditures, Average weekly hours, World War II, Government purchases, Civilian employment, and Hours of labor Tema: J22 - Time Allocation and Labor Supply and H56 - National Security and War
Creator: Lin, Lizbie Gee-Sun Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 000 Descripción:
This paper was published with no issue number.
Simultaneously published as part of the Ninth District Economic Information Series.
Palabra clave: Technical colleges, Community colleges, Students, and Colleges and universities Tema: R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes, H52 - National Government Expenditures and Education, and I22 - Educational Finance; Financial Aid
Creator: Heathcote, Jonathan, Storesletten, Kjetil, and Violante, Giovanni L. Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 496 Abstract:
What shapes the optimal degree of progressivity of the tax and transfer system? On the one hand, a progressive tax system can counteract inequality in initial conditions and substitute for imperfect private insurance against idiosyncratic earnings risk. On the other hand, progressivity reduces incentives to work and to invest in skills, distortions that are especially costly when the government must finance public goods. We develop a tractable equilibrium model that features all of these trade-offs. The analytical expressions we derive for social welfare deliver a transparent understanding of how preference, technology, and market structure parameters influence the optimal degree of progressivity. A calibration for the U.S. economy indicates that endogenous skill investment, flexible labor supply, and the desire to finance government purchases play quantitatively similar roles in limiting optimal progressivity. In a version of the model where poverty constrains skill investment, optimal progressivity is close to the U.S. value. An empirical analysis on cross-country data offers support to the theory.
Palabra clave: Skill investment, Welfare, Income distribution, Cross-country evidence, Partial insurance, Tax progressivity, Labor supply, and Government expenditures Tema: E20 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data), D30 - Distribution: General, H40 - Publicly Provided Goods: General, J24 - Human Capital; Skills; Occupational Choice; Labor Productivity, H20 - Taxation, Subsidies, and Revenue: General, and J22 - Time Allocation and Labor Supply
Creator: Conesa, Juan Carlos, Costa, Daniela, Kamali, Parisa , Kehoe, Timothy Jerome, 1953-, Nygaard, Vegard M., Raveendranathan, Gajendran, and Saxena, Akshar Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 548 Abstract:
This paper develops an overlapping generations model to study the macroeconomic effects of an unexpected elimination of Medicare. We ﬁnd that a large share of the elderly respond by substituting Medicaid for Medicare. Consequently, the government saves only 46 cents for every dollar cut in Medicare spending. We argue that a comparison of steady states is insufficient to evaluate the welfare effects of the reform. In particular, we ﬁnd lower ex-ante welfare gains from eliminating Medicare when we account for the costs of transition. Lastly, we ﬁnd that a majority of the current population benefits from the reform but that aggregate welfare, measured as the dollar value of the sum of wealth equivalent variations, is higher with Medicare.
Palabra clave: Medicare, Steady state, Transition path, Overlapping generations, and Medicaid Tema: E62 - Fiscal Policy, E21 - Macroeconomics: Consumption; Saving; Wealth, I13 - Health Insurance, Public and Private, and H51 - National Government Expenditures and Health
Creator: McGrattan, Ellen R., Miyachi, Kazuaki, and Peralta-Alva, Adrian Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 586 Abstract:
Japan is facing the problem of how to finance retirement, health care, and long-term care expenditures as the population ages. This paper analyzes the impact of policy options intended to address this problem by employing a dynamic general equilibrium overlapping generations model, specifically parameterized to match both the macro- and microeconomic level data of Japan. We find that financing the costs of aging through gradual increases in the consumption tax rate delivers better macroeconomic performance and higher welfare for most individuals relative to other financing options, including raising social security contributions, debt financing, and a uniform increase in health care and long-term care copayments.
Palabra clave: Retirement, Taxation, Health care, Japan, and Aging Tema: I13 - Health Insurance, Public and Private, E62 - Fiscal Policy, H51 - National Government Expenditures and Health, and H55 - Social Security and Public Pensions