Abel, Andrew B2023-05-222023-05-221988-06-012017-07-20https://repository.upenn.edu/handle/20.500.14332/34255Various tax policies provide consumers with forms of insurance. Social security has the payoff characteristics of an annuity. The income tax provides consumers with a degree of Income insurance because the government shares part of the individual's income risk. Redistributive taxes can be used to spread aggregate income risks across different generations The effects of these and other tax policies are shown to depend crucially on the nature of existing private insurance arrangements.This is the peer reviewed version of the following article: Abel, Andrew B. "The Implications of Insurance for the Efficacy of Fiscal Policy." The Journal of Risk and Insurance 55, no. 2 (1988): 339-78. doi:10.2307/253335. http://dx.doi.org/10.2307/253335. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving: http://olabout.wiley.com/WileyCDA/Section/id-820227.html#termsEconomicsFinanceFinance and Financial ManagementTaxationArticle