American Economic Review: Vol. 104 No. 5 (May 2014)

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Macro-perspective on Asset Grants Programs: Occupational and Wealth Mobility

Article Citation

Buera, Francisco J., Joseph P. Kaboski, and Yongseok Shin. 2014. "Macro-perspective on Asset Grants Programs: Occupational and Wealth Mobility." American Economic Review, 104(5): 159-64.

DOI: 10.1257/aer.104.5.159

Abstract

We provide a simple quantitative general equilibrium model of occupational choice with credit market frictions to analyze the aggregate and distributional effects of asset transfer programs. Asset transfer programs have a positive but transient effect on aggregate productivity, and a negative impact on the aggregate capital stock. On net they have a negative but small effect on per capita income. The effects are very heterogeneous across treated individuals. We compare the results in our model to those from recent randomized control trials and historical natural experiments.

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Authors

Buera, Francisco J. (Federal Reserve Bank of Chicago and UCLA)
Kaboski, Joseph P. (U Notre Dame)
Shin, Yongseok (Washington U in St Louis and Federal Reserve Bank of St Louis)

JEL Classifications

H23: Taxation and Subsidies: Externalities; Redistributive Effects; Environmental Taxes and Subsidies
J24: Human Capital; Skills; Occupational Choice; Labor Productivity
J62: Job, Occupational, and Intergenerational Mobility; Promotion


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