operation. The constrained efficient risk sharing arrangement can be implemented by contingent transfers within a fiscal union …

. We examine the historical experience of federal government transfers to state and local governments and their impact on … incorporates federal intergovernmental transfers, disaggregated into project (e.g., infrastructure) aid and welfare aid, as …. First, aggregate federal transfers to state and local governments are less stimulative than are transfers to households and …

In theory, federal transfers that make household location decisions efficient should ignore local cost differences … not local tax revenues from residents. Transfers that redistribute resources equitably across regions will likely target …

In this paper I develop a positive theory of intergenerational transfers. I argue that transfers are a means to induce … a good thing; pensions are just the means by which such retirement is induced. Unlike other theories of transfers. the … theory in this paper is consistent with a number of regularities: transfers appear to be a luxury good that societies buy …