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Pro-rich Inflation and Optimal Income Taxation 有利于富人的通货膨胀和最优所得税

IF 0.7 Q4 ECONOMICS

PUBLIC FINANCE REVIEW

Pub Date : 2021-11-01 DOI: 10.1177/10911421221077784

Eren Gürer, Alfons J. Weichenrieder

We study the implications of an increase in the price of necessities, which disproportionally hurts the poor, for optimal income taxation. When the government is utilitarian and disutility from labor supply is linear, the optimal nominal taxes and transfers are unchanged as households supply more labor to secure their consumption expenditures. Quantitative analyses with convex disutility of labor supply reveal that, because of positive labor supply effects, keeping average tax rates constant suffices to optimally react to the asymmetric price shock. The poorest agents increase their labor supply the most. Thus, optimal income tax policy in response to asymmetric price changes does not prevent the disproportional decline in the indirect utility of poorer households.

我们研究了必需品价格上涨对最佳所得税的影响，这对穷人造成了不成比例的伤害。当政府是功利主义的，劳动力供应的不效用是线性的时，随着家庭提供更多的劳动力来确保他们的消费支出，最优名义税收和转移支付是不变的。劳动力供给凸不效用的定量分析表明，由于劳动力供给正效应，保持平均税率不变足以对非对称价格冲击做出最佳反应。最贫穷的代理人增加的劳动力最多。因此，应对不对称价格变化的最佳所得税政策并不能防止贫困家庭的间接效用不成比例地下降。

引用次数: 0

Balanced Budget Requirements Revisited 修订平衡预算要求

IF 0.7 Q4 ECONOMICS

PUBLIC FINANCE REVIEW

Pub Date : 2021-09-01 DOI: 10.1177/10911421211054977

Sharon N. Kioko, Michelle L. Lofton

We test the effect of balanced budget requirements (BBRs) on budget outcomes using data published in audited financial statements. With a focus on the General Fund, we find states frequently reported deficits in their adopted budgets and relied on sizeable and favorable expenditure variances to close budget gaps before the end of the budget period. Empirical analysis shows that technical or strict BBRs procedures did not increase the likelihood that a state would report a balanced budget. We corroborate our findings using fund balance data. If technical or strict BBRs are effective, states would report higher fund balances, all else equal. Results show that states that adopted political BBRs reported lower fund balances. More importantly, the adoption of strict or technical BBRs did not lead to higher fund balances.

我们使用经审计的财务报表中公布的数据来测试平衡预算要求（BBR）对预算结果的影响。以普通基金为重点，我们发现各州经常在其通过的预算中报告赤字，并依靠可观且有利的支出差异在预算期结束前弥补预算缺口。实证分析表明，技术性或严格的BBR程序并没有增加一个州报告预算平衡的可能性。我们使用资金余额数据证实了我们的发现。如果技术性或严格的BBR有效，各州将报告更高的资金余额，其他情况都一样。结果显示，采用政治BBR的州报告的资金余额较低。更重要的是，采用严格的或技术性的BBR并没有导致更高的资金余额。

引用次数: 2

The flypaper sticks even when aid travels overseas 即使在援助物资到达海外时，捕蝇纸也会粘住

IF 0.7 Q4 ECONOMICS

PUBLIC FINANCE REVIEW

Pub Date : 2021-09-01 DOI: 10.1177/10911421211051966

Emily C. Marshall, James W. Saunoris, T. Daniel Woodbury

This paper extends the current literature by considering the existence of the flypaper effect internationally, with donor countries supplying foreign aid to recipient countries. The flypaper effect refers to the empirical anomaly associated with intergovernmental grants stimulating government expenditures more than can be explained by a pure income effect. The results reveal evidence of flypaper behavior such that for recipient countries one dollar of foreign aid raises public spending by $0.21-$0.42, whereas an equal increase in domestic income raises government expenditures by only $0.09-$0.16. Furthermore, we exploit variation in political institutions across countries and find that the flypaper effect is most pronounced in less democratic countries and find no flypaper effect in more democratic countries. This suggests that government officials are more likely to behave as expected by the median voter model when they are held accountable. Furthermore, countries with proportional, rather than majority/plurality, voting mechanisms do not display flypaper behavior.

本文通过考虑国际上存在的蝇纸效应来扩展现有文献，捐助国向受援国提供外国援助。飞纸效应是指与政府间拨款刺激政府支出相关的经验异常，而这超出了纯收入效应的解释范围。研究结果显示，有证据表明，对受援国来说，一美元的对外援助会使公共支出增加0.21至0.42美元，而国内收入的同等增长只会使政府支出增加0.09至0.16美元。此外，我们利用各国政治制度的差异，发现传单效应在不太民主的国家最为明显，而在更民主的国家则没有发现传单效应。这表明，当政府官员被追究责任时，他们更有可能按照中位数选民模型的预期行事。此外，具有比例而非多数/多数投票机制的国家不会表现出传单行为。

引用次数: 0

Pandering Politicians? Targeted Economic Development Incentives and Voter Response 迎合政客?定向经济发展激励与选民反应

IF 0.7 Q4 ECONOMICS

PUBLIC FINANCE REVIEW

Pub Date : 2021-09-01 DOI: 10.1177/10911421211050940

Jacob Bundrick, Erica Smith, Weici Yuan

Empirical evidence largely suggests that the billions of dollars state and local governments spend on targeted economic development incentive (EDI) programs are typically ineffective at stimulating broad economic activity. The continued use of EDIs by public officials has thus led scholars to investigate the role of these programs in political pandering. In this paper, we explore the relationship between EDIs and gubernatorial elections in Arkansas. Specifically, we investigate whether officials strategically allocate discretionary EDIs based on previous county-level gubernatorial election outcomes. We subsequently explore the impact of discretionary EDIs on an incumbent party’s bid for gubernatorial reelection at the county level. Our results largely suggest that public officials do not allocate EDIs based on previous election outcomes. Moreover, our results indicate that voters are unresponsive to both the quantity and magnitude of credit claiming messages.

经验证据在很大程度上表明，州和地方政府在定向经济发展激励(EDI)计划上花费的数十亿美元在刺激广泛的经济活动方面通常是无效的。因此，政府官员持续使用电子信息系统导致学者们调查这些程序在政治迎合中的作用。在本文中，我们探讨了edi与阿肯色州州长选举之间的关系。具体而言，我们调查了官员是否根据以往的县级州长选举结果战略性地分配可自由支配的edi。我们随后探讨了自由裁量的edi对现任政党在县一级竞选州长连任的影响。我们的研究结果在很大程度上表明，政府官员不会根据以前的选举结果分配edi。此外，我们的研究结果表明，选民对信用索赔信息的数量和幅度都没有反应。

引用次数: 1

Public Input Provision, Tax Base Mobility, and External Ownership 公共投入提供、税基流动和外部所有权

IF 0.7 Q4 ECONOMICS

PUBLIC FINANCE REVIEW

Pub Date : 2021-09-01 DOI: 10.1177/10911421211050268

Mutsumi Matsumoto

This article investigates the distortionary impacts of tax base mobility and external ownership on public input provision. Regional governments compete for mobile tax bases (e.g., business capital). The impact of regional public policy partially accrues to non-residents because immobile factors (e.g., business land) are subject to external ownership. This article derives an optimal rule for regional public input provision that illustrates how these two distortionary impacts depend on the nature of production functions. The impact of external ownership is particularly complex. To explore this impact in detail, the case of production functions with constant elasticity of substitution is examined. Public inputs with different productivity impacts yield fairly different implications of external ownership for inefficient public input provision.

本文研究了税基流动性和外部所有权对公共投入提供的扭曲影响。地区政府争夺移动税基（如商业资本）。区域公共政策的影响部分发生在非居民身上，因为不动因素（如商业用地）受制于外部所有权。本文推导了区域公共投入提供的最优规则，说明了这两种扭曲影响如何取决于生产函数的性质。外部所有权的影响尤其复杂。为了详细探讨这种影响，研究了具有恒定替代弹性的生产函数的情况。具有不同生产力影响的公共投入对低效公共投入提供产生了相当不同的外部所有权影响。

引用次数: 0

A Tale of Two Bases: Progressive Taxation of Capital and Labor Income 两个基础的故事:资本和劳动收入的累进税

IF 0.7 Q4 ECONOMICS

PUBLIC FINANCE REVIEW

Pub Date : 2021-07-14 DOI: 10.1177/10911421211020016

Rachel Moore, Brandon Pecoraro

Macroeconomic models routinely abstract simultaneously from two features of the US federal tax code: the joint taxation of ordinary capital and labor income and the special taxation of preferential capital income. In this article, we argue that this abstraction omits a “portfolio-effect” mechanism where endogenous changes to the ordinary-preferential composition of households’ capital income influence individuals’ optimal labor and saving decisions through its impact on their effective marginal tax rates. We demonstrate the quantitative importance of this tax detail by simulating provisions from the recently enacted “Tax Cuts and Jobs Act” using a heterogeneous-agent overlapping generations framework calibrated to the US economy. Our findings imply that accounting for the detailed taxation of labor and capital income should be considered an important modeling feature for tax policy analysis.

宏观经济模型通常同时从美国联邦税法的两个特征中抽象出来:对普通资本和劳动收入的联合征税以及对优惠资本收入的特殊征税。在本文中，我们认为这种抽象忽略了一种“投资组合效应”机制，即家庭资本收入的普通优惠构成的内生变化通过影响个人的有效边际税率来影响个人的最优劳动和储蓄决策。我们通过模拟最近颁布的“减税和就业法案”中的条款，使用针对美国经济校准的异质代理重叠代框架，证明了这一税收细节的定量重要性。我们的研究结果表明，劳动和资本收入的详细税收核算应被视为税收政策分析的重要建模特征。

引用次数: 0

Growth and Welfare Implications of Mortality Differentials in Unfunded Social Security Systems 无基金社会保障体系中死亡率差异对增长和福利的影响

IF 0.7 Q4 ECONOMICS

PUBLIC FINANCE REVIEW

Pub Date : 2021-07-07 DOI: 10.1177/10911421221101933

Mark C. Kelly

Several recent studies have examined the steady-state welfare implications of mortality differentials within unfunded Social Security systems, concluding that these differentials undermine the progressivity of the system and make society worse-off relative to alternative public pension schemes. This study is the first to systematically investigate the long-run implications of mortality inequality within the U.S. Social Security system. Utilizing an OLG endogenous growth model of the U.S. economy, I compare the current pay-as-you-go (PAYG) system to versions of the model without either mortality differentials or income inequality. I find that the assumption of mortality homogeneity biases the equilibrium growth rate and welfare analysis. The PAYG system is also compared to a fully funded system based on capital subsidies. The model predicts that PAYG suppresses growth and that, for a given range of subsidy rates, the fully funded system Pareto dominates PAYG in both the medium-run and the long-run.

最近的几项研究考察了没有资金支持的社会保障体系中死亡率差异对稳态福利的影响，得出的结论是，这些差异破坏了该体系的渐进性，并使社会相对于其他公共养老金计划更糟。这项研究首次系统地调查了美国社会保障体系中死亡率不平等的长期影响。利用美国经济的OLG内生增长模型，我将当前的现收现付（PAYG）系统与没有死亡率差异或收入不平等的模型版本进行了比较。我发现死亡率同质性的假设对均衡增长率和福利分析产生了偏差。PAYG系统也被比作基于资本补贴的全额资助系统。该模型预测，PAYG抑制了增长，并且对于给定的补贴率范围，完全资助的系统Pareto在中期和长期都主导PAYG。

引用次数: 1

A Reply to a Replication of “Weathering Corruption” ( Journal of Law and Economics, 2008): Different Data Produce Different Results 对“风化腐败”复制的回应(法律与经济学杂志，2008):不同的数据产生不同的结果

IF 0.7 Q4 ECONOMICS

PUBLIC FINANCE REVIEW

Pub Date : 2021-07-01 DOI: 10.1177/10911421211036247

P. Leeson, R. Sobel

Cordis and Milyo replicate our study, which found a positive relationship between FEMA-provided disaster relief and public corruption in the US states. Our study used the corruption data that virtually every study of American corruption uses: PIN data. Using the same data, Cordis and Milyo find the same result. And using different corruption data from TRAC, they find a different result: no relationship between FEMA-provided disaster relief and public corruption. Unsurprisingly, different data produce different results. The meaning of that difference, however, is unclear, especially since the latter result, which implies that public actors do not respond rationally to incentives when making decisions regarding corrupt activities, contradicts the law of demand.

Cordis和Milyo重复了我们的研究，该研究发现FEMA提供的救灾与美国各州的公共腐败之间存在积极关系。我们的研究使用了几乎所有关于美国腐败的研究都使用的腐败数据：PIN数据。使用相同的数据，Cordis和Milyo发现了相同的结果。使用TRAC的不同腐败数据，他们发现了不同的结果：FEMA提供的救灾和公共腐败之间没有关系。不出所料，不同的数据会产生不同的结果。然而，这种差异的含义尚不清楚，特别是因为后一种结果与需求规律相矛盾，后者意味着公共行为者在做出有关腐败活动的决定时对激励措施没有做出合理反应。

引用次数: 0

A Replication of “Weathering Corruption” ( Journal of Law and Economics, 2008) “风化腐败”的复制(法律与经济学杂志，2008)

IF 0.7 Q4 ECONOMICS

PUBLIC FINANCE REVIEW

Pub Date : 2021-07-01 DOI: 10.1177/10911421211028835

Adriana S. Cordis, J. Milyo

Previous research using data on convictions for corruption-related crimes from the Public Integrity Section (PIN) of the Department of Justice points to a positive correlation between the amount of corruption in a state and the amount of federal funds provided to the state for natural disaster relief. We take a closer look at the relationship between public corruption and disaster assistance and find little support for the hypothesis that the provision of federal disaster aid increases public corruption. Our analysis suggests instead that prior evidence of such a link arises from an unexplained correlation during the 1990s between disaster aid and convictions of postal employees for crimes such as stealing mail. Convictions for postal service crimes appear to account for a large fraction of the total federal convictions reported by PIN, which could have far-reaching implications, given that the PIN data have been used so extensively in the corruption literature.

先前的研究使用了司法部公共廉政科(Public Integrity Section，简称PIN)的腐败相关犯罪定罪数据，结果表明，一个州的腐败程度与联邦政府向该州提供的自然灾害救济资金数量呈正相关。我们仔细研究了公共腐败与灾难援助之间的关系，发现很少有证据支持联邦灾难援助会增加公共腐败的假设。相反，我们的分析表明，这种联系的先前证据来自于20世纪90年代灾难援助与邮政雇员因盗窃邮件等犯罪而被定罪之间的一种无法解释的相关性。邮政服务犯罪的定罪似乎占了PIN报告的联邦定罪总数的很大一部分，鉴于PIN数据在腐败文献中被广泛使用，这可能会产生深远的影响。

引用次数: 0

Masquerading the Government: Drivers of Government Impersonation Fraud 伪装政府:政府冒充欺诈的驱动因素

IF 0.7 Q4 ECONOMICS

PUBLIC FINANCE REVIEW

Pub Date : 2021-07-01 DOI: 10.1177/10911421211029305

R. Goel

This article uniquely examines the drivers of government impersonation across US states. Government impersonation is a relatively new white-collar crime that is slowly being recognized by policy makers and largely ignored by researchers. Results show that it is the decentralized government structure, rather than government size, that significantly affects government impersonation. Greater diffusion of the Internet and economic freedom also contribute to impersonation fraud, while urbanization has a mitigating effect. The share of elderly residents, democratic governorships, or the distance of a state from the nation’s capital did not appreciably impact government impersonation but impacted overall fraud. Interestingly, greater enforcement employment results in more fraud coming to light. Some of the factors impacting government impersonation fraud differ from those affecting overall fraud. Therefore, blanket policies to combat overall fraud would not necessarily be effective in checking government impersonation.

这篇文章独特地考察了美国各州政府假冒的驱动因素。冒充政府是一种相对较新的白领犯罪，政策制定者正在慢慢认识到这一点，研究人员在很大程度上忽视了这一点。结果表明，影响政府假冒行为的主要因素是分散的政府结构，而不是政府规模。互联网的更广泛传播和经济自由也有助于假冒欺诈，而城市化具有缓解作用。老年居民的比例、民主州长的职位或一个州与首都的距离并没有明显影响政府的冒充行为，而是影响了整体欺诈行为。有趣的是，更多的执法人员会导致更多的欺诈行为曝光。影响政府假冒欺诈的一些因素与影响整体欺诈的因素不同。因此，打击全面欺诈的一揽子政策不一定能有效遏制政府假冒行为。

引用次数: 4

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