search query: @author Krusell, P. / total: 7
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| Author: | Krusell, P. Rios-Rull, J. |
| Title: | On the size of U.S. government: political economy in the neoclassical growth model |
| Journal: | American Economic Review
1999 : DEC, VOL. 89:5, p. 1156-1181 |
| Index terms: | ECONOMICS USA POLITICAL ECONOMY |
| Language: | eng |
| Abstract: | The authors study a dynamic version of Meltzer and Richard's median-voter model of the size of government. Taxes are proportional to total income, and they are redistributed as equal lump-sum transfers. Voting takes place periodically over time, and each consumer votes for the tax rate that maximizes its equilibrium utility. The authors calibrate the model to U.S. data. Key elements in the calibration are the income and wealth distribution and the parameters governing the leisure and consumption choices. |
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