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Inequality, Fiscal Policy and COVID19 Restrictions in a Demand-Determined Economy
Auerbach, Alan J. - 2020
We evaluate the effects of inequality, fiscal policy, and COVID19 restrictions in a model of economic slack with … potentially rigid capital operating costs. Inequality has large negative effects on output, while also diminishing the effects of … restrictions themselves when rigid capital costs induce firm exit. Higher inequality is associated with larger restriction …
Persistent link: https://www.econbiz.de/10012481561
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Inequality, Business Cycles, and Monetary-Fiscal Policy
Bhandari, Anmol - 2018
We study optimal monetary and fiscal policy in a model with heterogeneous agents, incomplete markets, and nominal rigidities. We develop numerical techniques to approximate Ramsey plans and apply them to a calibrated economy to compute optimal responses of nominal interest rates and labor tax...
Persistent link: https://www.econbiz.de/10012453010
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How Effective Have Fiscal Policies Been in Changing the Distribution of Income and Wealth?
King, Mervyn A. - 1980
shall divide the issue into two questions. How effective has fiscal policy been in reducing inequality? Mow big are the …
Persistent link: https://www.econbiz.de/10012478675
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Fiscal Multipliers : A Heterogenous-Agent Perspective
Broer, Tobias; Krusell, Per; Öberg, Erik - National Bureau of Economic Research - 2021
We use an analytically tractable heterogeneous-agent (HANK) version of the standard New Keynesian model to show how the size of fiscal multipliers depends on i) the distribution of factor incomes, and ii) the source of nominal rigidities. With sticky prices but flexible wages, the standard...
Persistent link: https://www.econbiz.de/10012482584
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Risky Behavior Among Youths : An Economic Analysis
Gruber, Jonathan - 2000
There are a host of potentially risky behaviors in which youth engage, which have important implications for both their well being as youth and their life prospects. The past decade has seen dramatic shifts in the intensity with which youths pursue these risky activities: for example, youth...
Persistent link: https://www.econbiz.de/10012470969
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Are Market Forecasts Rational?
Mishkin, Frederic S. - 1980
This paper conducts tests of the rationality of both inflation and short-term interest rate forecasts in the bond … market. These tests are developed with the theory of efficient markets and make use of security price data to infer …
Persistent link: https://www.econbiz.de/10012478629
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A Note on Stochastic Rationing Mechanisms
Ito, Takatoshi - 1979
There are a couple of well-known unsatisfactory properties in the notion of effective demand defined by Benassy and one by Dreze. This is why recent authors in disequilibrium analysis study the stochastic rationing mechanism. Douglas Gale proved the existence of the equilibrium with stochastic...
Persistent link: https://www.econbiz.de/10012478836
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Rational Attention Allocation Over the Business Cycle
Kacperczyk, Marcin - 2009
The question of whether and how mutual fund managers provide valuable services for their clients motivates one of the largest literatures in finance. One candidate explanation is that funds process information about future asset values and use that information to invest in high-valued assets....
Persistent link: https://www.econbiz.de/10012463199
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Investment Tournaments : When Should a Rational Agent Put All Eggs in One Basket?
Schwarz, Michael - 2009
In this paper we study "investment tournaments," a class of decision problems that involve gradual allocation of investment among several alternatives whose values are subject to exogenous shocks. The decision-maker's payoff is determined by the final values of the alternatives. An important...
Persistent link: https://www.econbiz.de/10012463514
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Adoption Curves and Social Interactions
Brock, William A. - 2009
This paper considers the observational implications of social influences on adoption decisions for an environment of perfect foresight adopters. We argue that social influences can produce two observable effects: 1) discontinuities in unconditional adoption curves and 2) pattern reversals in...
Persistent link: https://www.econbiz.de/10012463584