discussion of fiscal redistribution within the standard social welfare framework, which lends itself to a transparent and … practical evaluation of the extent and determinants of fiscal redistribution. Differences in fiscal redistribution are … decomposed into differences in the magnitude of transfers (fiscal effort) and in the progressivity of transfers (fiscal …

We show that the effectiveness of redistribution policy in stimulating the economy and improving welfare is directly … transfers. We compare two distinct types of monetary-fiscal adjustments: In the monetary regime, the government eventually … raises taxes to finance transfers while in the fiscal regime, inflation rises, effectively imposing inflation taxes on public …

We show that the effectiveness of redistribution policy is tied to how much inflation it generates, and thereby to … monetary‐fiscal adjustments that ultimately finance the transfers. In the monetary regime, taxes increase to finance transfers … effects of the CARES Act in a COVID recession. We find that transfer multipliers are larger, and that moreover, redistribution …