search query: @author Lockwood, B. / total: 15
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| Author: | Lockwood, B. |
| Title: | Inter-regional insurance |
| Journal: | Journal of Public Economics
1999 : APR, VOL. 72:1, p. 1-38 |
| Index terms: | GOVERNMENT ASYMMETRIC INFORMATION FISCAL POLICY |
| Language: | eng |
| Abstract: | This paper considers the problem facing a central government which can insure regional governments (by use of intergovernmental grants) against region-specific and privately observed shocks either to income, or demand for, or cost of, the public good. Notable results are: (i) depending on the source of the shock, the grant may induce over- or undersupply of the public good relative to the Samuelson rule; (ii) with public good spillovers between regions, there is two-way distortion of public good supply. |
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