Tax and Education Policy in a Heterogeneous-Agent Economy: What Levels of Redistribution Maximize Growth and Efficiency?
异质主体经济中的税收与教育政策：何种再分配水平使增长与效率最大化？
This paper studies the effects of progressive income taxes and education finance in a dynamic heterogeneous agent economy.Such redistributive policies entail distortions to labor supply and savings, but also serve as partial substitutes for missing credit and insurance markets.The resulting tradeoffs for growth and efficiency are explored, both theoretically and quantitatively, in a model which yields complete analytical solutions.Progressive education finance always leads…