最优区域间转移支付规则

Optimal Fiscal Transfer Rule in Regions

本文建立了一个价格和工资均为粘性的两区域新凯恩斯模型,研究一国不同区域间的最优转移支付规则。本文发现最优规则应以消除区域间的产出缺口差为目标。福利分析表明,转移支付能够改善一国福利,且福利所得随着区域本土偏好的增加而增加。最优规则优于钉住消费缺口、价格通胀、工资通胀及政府支出缺口的规则。本文还比较了债务援助和转移支付的福利。当受援区域只归还一部分债务及利息,债务援助福利与转移支付一致;当债务利率高于无风险利率,债务援助福利小于转移支付。

This paper constructs a two- region New Keynesian model with sticky prices and wages to study the optimal fiscal transfer rule in regions of a country. This paper finds that the optimal transfer rule should eliminate the output gap difference of regions. Welfare analysis shows that fiscal transfer improves the welfare of country,and welfare gain increases with regional home bias increasing. The optimal rule is better than that targeting difference in consumption gap,price inflation,wage inflation,and government spending. This paper also compares the welfares of debt aid and fiscal transfer. When the aid receiver repays partial debt and interest,the effect of debt aid is same as that of fiscal transfer; when the interest rate of debt is higher than risk- free interest rate,the welfare of debt aid is less than that of fiscal transfer.