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The Redistribution Recession

2012-11-29 Business & Economics
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Release : 2012-11-29
Genre : Business & Economics
Kind : eBook
Book Rating : 218/5 ( reviews)

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Book Synopsis The Redistribution Recession by : Casey B. Mulligan

Download or read book The Redistribution Recession written by Casey B. Mulligan. This book was released on 2012-11-29. Available in PDF, EPUB and Kindle. Book excerpt: "Major subsidies and regulations intended to help the poor and unemployed were changed in more than a dozen ways after 2007. Economist Casey B. Mulligan argues that many of these changes were reasonable reactions to economic events, with the intention of helping people endure the recession, but they also reduced incentives for people to work and businesses to hire. He measures the startling changes in implicit tax rates that resulted from a labyrinth of new and expanded 'social safety net' programs, and quantifies the effects of these changes on the labor market and the economy. He also reveals how borrowers can expect their earnings to affect the amount that lenders will forgive in debt renegotiation, and how this has acted as a massive implicit tax on earning. He explains how redistribution in the forms of subsidies, taxes and minimum-wage laws profoundly altered the path of the economy and made the recent recession one of the deepest and longest in decades. The Redistribution Recession is a controversial, clear-cut, and thoroughly researched analysis of the effects of various government policies on the labor market. It offers ground-breaking interpretations and precise explanations of the interplay between unemployment and financial markets."--Jacket.

Redistribution Policy in Europe and the United States

2013
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Release : 2013
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Book Synopsis Redistribution Policy in Europe and the United States by :

Download or read book Redistribution Policy in Europe and the United States written by . This book was released on 2013. Available in PDF, EPUB and Kindle. Book excerpt:

Comment on Inequality, Redistribution and Recession

1985
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Release : 1985
Genre :
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Book Synopsis Comment on Inequality, Redistribution and Recession by : J. LE GRAND

Download or read book Comment on Inequality, Redistribution and Recession written by J. LE GRAND. This book was released on 1985. Available in PDF, EPUB and Kindle. Book excerpt:

Economic Recessions and Congressional Preferences for Redistribution

2019
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Release : 2019
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Book Synopsis Economic Recessions and Congressional Preferences for Redistribution by : Maria Carreri

Download or read book Economic Recessions and Congressional Preferences for Redistribution written by Maria Carreri. This book was released on 2019. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the roots of politicians' preferences for redistribution by exploring whether early life experiences have persistent, long-run effects on U.S. Members of Congress' voting records. We study whether having experienced an economic recession during early adulthood affected their positions on redistribution-specific bills during the period 1957-2014. We find that politicians who experienced a recession hold more conservative positions on redistribution, even compared to members of the same party in the same legislature. We rule out alternative accounts and show that experiencing a recession directly affects future politicians' personal preferences. In light of recent empirical evidence showing that voters become more supportive of redistribution following a recession, our findings suggest that macroeconomic shocks have a polarizing effect: recessions can create an ideological wedge between voters and their future representatives. We present two pieces of evidence suggesting that this wedge can be explained by politicians' privileged background.

Intergenerational Redistribution in the Great Recession

2011 Assets (Accounting)
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Release : 2011
Genre : Assets (Accounting)
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Book Synopsis Intergenerational Redistribution in the Great Recession by : Andrew Glover

Download or read book Intergenerational Redistribution in the Great Recession written by Andrew Glover. This book was released on 2011. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we construct a stochastic overlapping-generations general equilibrium model in which households are subject to aggregate shocks that a ffect both wages and asset prices. We use a calibrated version of the model to quantify how the welfare costs of severe recessions are distributed across di ffrrent household age groups. The model predicts that younger cohorts fare better than older cohorts when the equilibrium decline in asset prices is large relative to the decline in wages, as observed in the data. Asset price declines hurt the old, who rely on asset sales to finance consumption, but benefit the young, who purchase assets at depressed prices. In our preferred calibration, asset prices decline more than twice as much as wages, consistent with the experience of the US economy in the Great Recession. A model recession is approximately welfare-neutral for households in the 20-29 age group, but translates into a large welfare loss of around 10% of lifetime consumption for households aged 70 and over.

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