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Optimal Income Taxation: Mirrlees Meets Ramsey
Tsujiyama, Hitoshi; Heathcote, Jonathan (2015-01-22)
What structure of income taxation maximizes the social benefits of redistribution while minimizing the social harm associated with distorting the allocation of labor input? Many authors have advocated scrapping the current tax system, which redistributes primarily via marginal tax rates that rise with income, and replacing it with a flat tax system, in which marginal tax rates are constant and redistribution is achieved via non-means-tested transfers. In this paper we compare alternative tax systems in an environment with distinct roles for public and private insurance. We evaluate ...
Staff Report , Paper 507

Working Paper
Occupational Choice, Retirement, and the Effects of Disability Insurance
Jacobs, Lindsay (2016-06)
There is much variation in the physical requirements across occupations, giving rise to great differences in later-life productivity, disability risk, and the value of Social Security Disability Insurance (SSDI). In this paper, I look at how such differences across occupations affect initial career choice as well as the extent to which SSDI, which insures shocks to productivity due to disability, prompts more people to choose physically intense occupations. Using data from the Health and Retirement Study (HRS) and the Current Population Survey (CPS), I estimate a dynamic model of occupational ...
Finance and Economics Discussion Series , Paper 2016-051

Working Paper
The Heterogeneous Effects of Government Spending : It’s All About Taxes
Navarro, Gaston; Ferrière, Axelle (2018-08-22)
This paper investigates how government spending multipliers depend on the distribution of taxes across households. We exploit historical variations in the financing of spending in the U.S. since 1913 to show that multipliers are positive only when financed with more progressive taxes, and zero otherwise. We rationalize this finding within a heterogeneous-household model with indivisible labor supply. The model results in a lower labor responsiveness to tax changes for higher-income earners. In turn, spending financed with more progressive taxes induces a smaller crowding-out, and thus larger ...
International Finance Discussion Papers , Paper 1237

Working Paper
Consumption and Hours in the United States and Europe
Fang, Lei; Yang, Fang (2022-09-08)
We document large differences between the United States and Europe in allocations of expenditures and time for both market and home activities. Using a life-cycle model with home production and endogenous retirement, we find that the cross-country differences in consumption tax, social security system, income tax and TFP together can account for 68-95 percent of the cross-country variations and more than half of the average differences between Europe and the United States in aggregate hours and expenditures. These factors can also account well for the cross-country differences in allocations ...
Working Papers , Paper 2216

Working Paper
Effects of Gentrification on Homeowners: Evidence from a Natural Experiment
Ding, Lei; Hwang, Jackelyn (2020-04-16)
A major overhaul of the property tax system in 2013 in the city of Philadelphia has generated significant variations in the amount of property taxes across properties. This exogenous policy shock provides a unique opportunity to identify the causal effects of gentrification, which is often accompanied by increased property values, on homeowners’ tax payment behavior and residential mobility. The analysis, based on a difference-in-differences framework, suggests that gentrification leads to a higher risk of delinquency on homeowners’ tax bills on average, but there was no sign of a ...
Working Papers , Paper 20-16

Working Paper
Old, sick, alone, and poor: a welfare analysis of old-age social insurance programs
Braun, R. Anton; Koreshkova, Tatyana; Kopecky, Karen A. (2013-07-01)
Poor health, large acute and long-term care medical expenses, and spousal death are significant drivers of impoverishment among retirees. We document these facts and build a rich, overlapping generations model that reproduces them. We use the model to assess the incentive and welfare effects of Social Security and means-tested social insurance programs such as Medicaid and food stamp programs, for the aged. We find that U.S. means-tested social insurance programs for retirees provide significant welfare benefits for all newborn. Moreover, when means-tested social insurance benefits are of the ...
FRB Atlanta Working Paper , Paper 2013-02

Working Paper
Work, Poverty, and Social Benefits Over the Past Three Decades
Barrow, Lisa; Schanzenbach, Diane Whitmore; Rivera, Bea (2024-10-10)
Understanding the evolving interactions between employment, social benefits, and families' well-being is key to designing better policies to both protect families and foster economic growth. Employment both overall and among those living in low-income families has been on a downward trajectory across the last three decades. One notable exception is that low-income women with children were increasingly likely to work between 1992 and 1999 in the aftermath of large changes to social safety net programs to provide more incentives and rewards for work. Since then, low-income women with children ...
Working Papers , Paper 24-22

Working Paper
Preventive vs. Curative Medicine: A Macroeconomic Analysis of Health Care over the Life Cycle
Ozkan, Serdar (2023-09-23)
This paper studies differences in health care usage and health outcomes between low- and high-income individuals. Using data from the Medical Expenditure Panel Survey (MEPS) I find that early in life the rich spend significantly more on health care, whereas from middle to very old age medical spending of the poor surpasses that of the rich by 25%. In addition, low-income individuals are less likely to incur any medical expenditures in a given year, yet, when they do, their expenses are more likely to be extreme. To account for these facts, I develop and estimate a life-cycle model of two ...
Working Papers , Paper 2023-025

Working Paper
Spousal Labor Supply Response to Job Displacement and Implications for Optimal Transfers
Birinci, Serdar (2021-09-25)
I document a small spousal earnings response to the job displacement of the family head. The response is even smaller in recessions, when earnings losses are larger and additional insurance is valuable. Using cross-state differences in transfer generosity, I find that generous transfers substantially crowd out the spousal earnings response. To study its policy implications, I develop an incomplete markets model with family labor supplyand aggregate fluctuations, where predicted labor supply elasticities to taxes and transfers are in line with empirical estimates both in aggregate and across ...
Working Papers , Paper 2019-020

Working Paper
Family and Government Insurance: Wage, Earnings, and Income Risks in the Netherlands and the U.S.
Fella, Giulio; De Nardi, Mariacristina (2020-10-26)
We document new facts about risk in male wages and earnings, household earnings, and pre- and post-tax income in the Netherlands and the United States. We find that, in both countries, earnings display important deviations from the typical assumptions of linearity and normality. Individual-level male wage and earnings risk is relatively high at the beginning and end of the working life, and for those in the lower and upper parts of the income distribution. Hours are the main driver of the negative skewness and, to a lesser extent, the high kurtosis of earnings changes. Even though we find no ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 42

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