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 …

This paper embeds analysis of fiscal redistribution (FR) within the standard social welfare framework. Differences in … FR are decomposed into differences in the magnitude (fiscal effort) and progressivity (fiscal progressivity) of transfers …. Progressivity is further decomposed into differences in the distribution of transfers across income groups (targeting performance …

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 …