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Micro Risks and (Robust) Pareto Improving Policies

Author

Listed:
  • Mark A. Aguiar
  • Manuel Amador
  • Cristina Arellano

Abstract

We provide sufficient conditions for the feasibility of robust Pareto-improving (RPI) fiscal policies in the class of incomplete markets models of Bewley-Huggett-Aiyagari and when the interest rate on government debt is below the growth rate (r

Suggested Citation

  • Mark A. Aguiar & Manuel Amador & Cristina Arellano, 2021. "Micro Risks and (Robust) Pareto Improving Policies," NBER Working Papers 28996, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:28996
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    Cited by:

    1. George-Marios Angeletos & Fabrice Collard & Harris Dellas, 2023. "Public Debt as Private Liquidity: Optimal Policy," Journal of Political Economy, University of Chicago Press, vol. 131(11), pages 3233-3264.
    2. Krueger, Dirk & Ludwig, Alexander & Villalvazo, Sergio, 2021. "Optimal taxes on capital in the OLG model with uninsurable idiosyncratic income risk," Journal of Public Economics, Elsevier, vol. 201(C).
    3. Lenel, Moritz, 2022. "Comment on “The supply and demand for safe assets”," Journal of Monetary Economics, Elsevier, vol. 125(C), pages 148-150.
    4. HIRAGUCHI Ryoji, 2023. "Optimal Government Debt Policy in the Overlapping Generations Model with Idiosyncratic Capital Return Risk," Discussion papers 23063, Research Institute of Economy, Trade and Industry (RIETI).
    5. Adrien Auclert & Hannes Malmberg & Frederic Martenet & Matthew Rognlie, 2021. "Demographics, Wealth, and Global Imbalances in the Twenty-First Century," NBER Working Papers 29161, National Bureau of Economic Research, Inc.
    6. Kopiec, Paweł, 2022. "The government spending multiplier in the Heterogeneous Agent New Keynesian model," European Economic Review, Elsevier, vol. 145(C).
    7. Farmer, Roger & Farmer, Leland, 2022. "Zoomers and Boomers: Asset Prices and Intergenerational Inequality," CEPR Discussion Papers 17594, C.E.P.R. Discussion Papers.
    8. Brumm, Johannes & Feng, Xiangyu & Kotlikoff, Laurence & Kubler, Felix, 2022. "Are deficits free?," Journal of Public Economics, Elsevier, vol. 208(C).

    More about this item

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents

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