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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
PUBLIC FINANCE REVIEW Pub Date : 2021-11-01 DOI: 10.1177/10911421221077784
Eren Gürer, Alfons J. Weichenrieder
{"title":"Pro-rich Inflation and Optimal Income Taxation","authors":"Eren Gürer, Alfons J. Weichenrieder","doi":"10.1177/10911421221077784","DOIUrl":"https://doi.org/10.1177/10911421221077784","url":null,"abstract":"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.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"49 1","pages":"815 - 844"},"PeriodicalIF":0.7,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41862126","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Balanced Budget Requirements Revisited 修订平衡预算要求
IF 0.7
PUBLIC FINANCE REVIEW Pub Date : 2021-09-01 DOI: 10.1177/10911421211054977
Sharon N. Kioko, Michelle L. Lofton
{"title":"Balanced Budget Requirements Revisited","authors":"Sharon N. Kioko, Michelle L. Lofton","doi":"10.1177/10911421211054977","DOIUrl":"https://doi.org/10.1177/10911421211054977","url":null,"abstract":"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.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"49 1","pages":"635 - 672"},"PeriodicalIF":0.7,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47598558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
PUBLIC FINANCE REVIEW Pub Date : 2021-09-01 DOI: 10.1177/10911421211051966
Emily C. Marshall, James W. Saunoris, T. Daniel Woodbury
{"title":"The flypaper sticks even when aid travels overseas","authors":"Emily C. Marshall, James W. Saunoris, T. Daniel Woodbury","doi":"10.1177/10911421211051966","DOIUrl":"https://doi.org/10.1177/10911421211051966","url":null,"abstract":"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.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"49 1","pages":"717 - 753"},"PeriodicalIF":0.7,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48838578","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
PUBLIC FINANCE REVIEW Pub Date : 2021-09-01 DOI: 10.1177/10911421211050940
Jacob Bundrick, Erica Smith, Weici Yuan
{"title":"Pandering Politicians? Targeted Economic Development Incentives and Voter Response","authors":"Jacob Bundrick, Erica Smith, Weici Yuan","doi":"10.1177/10911421211050940","DOIUrl":"https://doi.org/10.1177/10911421211050940","url":null,"abstract":"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.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"49 1","pages":"673 - 716"},"PeriodicalIF":0.7,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"65371809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
PUBLIC FINANCE REVIEW Pub Date : 2021-09-01 DOI: 10.1177/10911421211050268
Mutsumi Matsumoto
{"title":"Public Input Provision, Tax Base Mobility, and External Ownership","authors":"Mutsumi Matsumoto","doi":"10.1177/10911421211050268","DOIUrl":"https://doi.org/10.1177/10911421211050268","url":null,"abstract":"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.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"49 1","pages":"754 - 776"},"PeriodicalIF":0.7,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44489140","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
PUBLIC FINANCE REVIEW Pub Date : 2021-07-14 DOI: 10.1177/10911421211020016
Rachel Moore, Brandon Pecoraro
{"title":"A Tale of Two Bases: Progressive Taxation of Capital and Labor Income","authors":"Rachel Moore, Brandon Pecoraro","doi":"10.1177/10911421211020016","DOIUrl":"https://doi.org/10.1177/10911421211020016","url":null,"abstract":"<p>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.</p>","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"8 4","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138525632","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
PUBLIC FINANCE REVIEW Pub Date : 2021-07-07 DOI: 10.1177/10911421221101933
Mark C. Kelly
{"title":"Growth and Welfare Implications of Mortality Differentials in Unfunded Social Security Systems","authors":"Mark C. Kelly","doi":"10.1177/10911421221101933","DOIUrl":"https://doi.org/10.1177/10911421221101933","url":null,"abstract":"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.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"50 1","pages":"206 - 235"},"PeriodicalIF":0.7,"publicationDate":"2021-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41697781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
PUBLIC FINANCE REVIEW Pub Date : 2021-07-01 DOI: 10.1177/10911421211036247
P. Leeson, R. Sobel
{"title":"A Reply to a Replication of “Weathering Corruption” ( Journal of Law and Economics, 2008): Different Data Produce Different Results","authors":"P. Leeson, R. Sobel","doi":"10.1177/10911421211036247","DOIUrl":"https://doi.org/10.1177/10911421211036247","url":null,"abstract":"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.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"49 1","pages":"627 - 630"},"PeriodicalIF":0.7,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47623827","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
PUBLIC FINANCE REVIEW Pub Date : 2021-07-01 DOI: 10.1177/10911421211028835
Adriana S. Cordis, J. Milyo
{"title":"A Replication of “Weathering Corruption” ( Journal of Law and Economics, 2008)","authors":"Adriana S. Cordis, J. Milyo","doi":"10.1177/10911421211028835","DOIUrl":"https://doi.org/10.1177/10911421211028835","url":null,"abstract":"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.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"49 1","pages":"589 - 626"},"PeriodicalIF":0.7,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47451873","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
PUBLIC FINANCE REVIEW Pub Date : 2021-07-01 DOI: 10.1177/10911421211029305
R. Goel
{"title":"Masquerading the Government: Drivers of Government Impersonation Fraud","authors":"R. Goel","doi":"10.1177/10911421211029305","DOIUrl":"https://doi.org/10.1177/10911421211029305","url":null,"abstract":"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.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"49 1","pages":"548 - 572"},"PeriodicalIF":0.7,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/10911421211029305","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46528231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
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