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UID:6d5194ed17f760abddd8df01302eafd0
CATEGORIES:Seminars
CREATED:20261113T152833
SUMMARY:JM Seminar: Yann Perdereau - Bank of Italy
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Luxury for All: A Macroeconomic Theory of Public Provision\nAbstract:\nPubl
 ic in-kind provision of education, healthcare, or culture accounts for a la
 rge share of government spending, even though redistribution can be achieve
 d with cash transfers and externalities addressed with subsidies. We propos
 e a new macroeconomic theory of in-kind provision, grounded in two features
 : (i) these goods are luxuries, with consumption rising more than proportio
 nally with income; and (ii) they generate externalities that depend not onl
 y on the total level of consumption but also on its distribution across hou
 seholds. In a tractable heterogeneous-agent model, we show that these featu
 res make direct in-kind provision welfare-improving, even when cash transfe
 rs and subsidies are available. Using household- and country-level data, we
  document that most publicly provided goods are luxuries and present eviden
 ce consistent with distribution-sensitive externalities. We then apply the 
 framework to the design of fiscal consolidation, showing in a quantitative 
 model that optimal consolidation falls primarily on goods without private s
 ubstitutes, while preserving in-kind provision of goods with private substi
 tutes. Finally, our framework yields a welfare-based valuation that reduces
  the measured equalizing effect of in-kind benefits in France by about one 
 third.\n\n\n \n
DTSTAMP:20261113T160804Z
DTSTART:20261116T163000Z
DTEND:20261116T180000Z
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