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Aggregation and Aggregation

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Author Info
Marina Azzimonti
Eva de Francisco
Per Krusell

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Abstract

We discuss economic aggregation and political aggregation in the context of a simple dynamic version of the canonical political-economy model--the Meltzer-Richard model. Consumers differ both in labor productivity and initial asset wealth and there is no physical capital. Under commitment over future tax policy, and for economic preferences that imply aggregation in assets and productivity, the induced policy preferences for individuals do not depend on any distributional characteristics other than means. They imply time inconsistency, with taxes changing between the first and the second periods and staying constant thereafter. Political aggregation in the form of a median-voter theorem applies only in special cases. (JEL: D72, D78, E61, H23) (c) 2008 by the European Economic Association.

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File URL: http://www.mitpressjournals.org/doi/pdfplus/10.1162/JEEA.2008.6.2-3.381
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Publisher Info
Article provided by MIT Press in its journal Journal of the European Economic Association.

Volume (Year): 6 (2008)
Issue (Month): 2-3 (04-05)
Pages: 381-394
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Handle: RePEc:tpr:jeurec:v:6:y:2008:i:2-3:p:381-394

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Related research
Keywords:

Find related papers by JEL classification:
D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior
D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy-Making and Implementation
E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies

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This page was last updated on 2008-12-19.

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