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particular, state governments is procyclical, smoothing disposable income and consumption of state residents. This happens over … the cyclical amplitude of state level income movements; although they smooth the idiosyncratic component of shocks to …
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Analyses of redistributive policies often focus on income flows to examine the nexus between redistribution and … framework defining the role of redistributive policies in shaping the private income cycle as well as the public revenue …-expenditure cycle. This framework distinguishes between the stock of income-generating assets (such as human capital and wealth …
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This paper addresses two fundamental issues in indirect tax design. It first revisits the case for reduced rates on items especially important to the poor, establishing conditions under which even very crudely targeted spending measures better serve their interests. It then explores the welfare...
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Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects...
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income shocks. The findings also yield a number of important caveats and policy considerations, however, that have largely …
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