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    ProgramsRemove Programs →

    New research on programs from Harvard Business School faculty.
    Page 1 of 1 Result
    • 29 Nov 2016
    • Working Paper Summaries

    Fiscal Risk and the Portfolio of Government Programs

    by Samuel G. Hanson, David S. Scharfstein, and Adi Sunderam

    In modern economies, a large fraction of economy-wide risk is borne indirectly by taxpayers via the government. Governments have liabilities associated with retirement benefits, social insurance programs, and financial system backstops. Given the magnitude of these exposures, the set of risks the government chooses to bear and the way it manages those risks is of great importance. This study develops a new model for government cost-benefit analysis, and shows that distortionary taxation impacts the optimal scale and pricing of government programs. It also highlights the interaction between social and fiscal risk management motives, which frequently come into conflict.

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