Public Insurance against Idiosyncratic and Aggregate Risk: The Case of Social Security and Progressive Income Taxation |
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| Authors: | Krueger Dirk |
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* Goethe University Frankfurt, CEPR, CFS, MEA and NBER, Mertonstr. 17, PF 81, 60054 Frankfurt am Main, Germany, e-mail: dirk.krueger{at}wiwi.uni-frankfurt.de. |
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| Abstract: | In this article, I discuss the role a progressive income taxsystem and a redistributive pay as you go (PAYGO) social securitysystem can play in insuring and reallocating idiosyncratic aswell as aggregate risk. I also argue that the underlying sourceof market failures generating such a role for government interventionmay be crucial when determining the normative consequences ofsuch social insurance. (JEL Classifications: E62, H21, H24,H55). |
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| Keywords: | Progressive Taxes Social Security Idiosyncratic Income Shocks Insurance |
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