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Using a large-scale survey of U.S. households during the Covid-19 pandemic, we study how new information about fiscal and monetary policy responses to the crisis affects households' expectations. We provide random subsets of participants in the Nielsen Homescan panel with different combinations...
Persistent link: https://www.econbiz.de/10012481579
Using a large-scale survey of U.S. consumers, we study how the large one-time transfers to individuals from the CARES Act affected their consumption, saving and labor-supply decisions. Most respondents report that they primarily saved or paid down debts with their transfers, with only about 15...
Persistent link: https://www.econbiz.de/10012263377
study the effects of fiscal stimulus. Our small-open-economy empirical setting permits us to estimate key macroeconomic …
Persistent link: https://www.econbiz.de/10012480310
A key issue in current research and policy is the size of fiscal multipliers when the economy is in recession. We …
Persistent link: https://www.econbiz.de/10012462346
Persistent link: https://www.econbiz.de/10010494049
In this paper we reassess the cyclical performance of the French economy in the 1920s, focusing in particular on the … exports as a share of GDP turned down as early as 1928, the economy continued to expand for several subsequent years …. Investment, not exports, emerges as the proximate source of the French economy's resistance to the Great Depression. And fiscal …
Persistent link: https://www.econbiz.de/10012477005
The Great Depression of the 1930s and the Great Credit Crisis of the 2000s had similar causes but elicited strikingly different policy responses. It may still be too early to assess the effectiveness of current policy responses, but it is possible to analyze monetary and fiscal policies in the...
Persistent link: https://www.econbiz.de/10012463125
Thia paper analyzes U.S. monetary-financial policy in the period leading up to the Treasury-Fed Accord. We model policy as an implicit target zone for the price level and an explicit zone for interest rates, and the difficulties on the eve of the Accord as an incipient run on a collapsing...
Persistent link: https://www.econbiz.de/10012475653
Persistent link: https://www.econbiz.de/10010466885
The interplay between banks and the macroeconomy is of key importance for financial and economic stability. We analyze this link using a factor-augmented vector autoregressive model (FAVAR) which extends a standard VAR for the U.S. macroeconomy. The model includes GDP growth, inflation, the...
Persistent link: https://www.econbiz.de/10008697545