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| Author: | Azzimonti, M. Francisco de, E. Krusell, P. |
| Title: | Median-voter equilibria on the neoclassical growth model under aggregation |
| Journal: | Scandinavian Journal of Economics
2006 : VOL. 108:4, p. 587-606 |
| Index terms: | time consistency voting |
| Freeterms: | aggregation redistribution |
| Language: | eng |
| Abstract: | This article studies a dynamic version of Meltzer and Richard's median-voter model where agents differ in wealth and taxes are proportional to income and are redistributed as equal lump-sum transfers. It suggest that voting occurs every period and each consumer votes for the tax that maximizes his welfare. This article characterizes time-consistent Markov-perfect equilibria twofold and its method for solving the steady state relies on a polynomial expansion around the steady state. |
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