lifetime resources, on the current consumption and wealth accumulation of employees affected by the reform. In line with …

Exploiting three earthquakes in Italy as quasi-experiments, we analyze the response of homeowners’ consumption to … significant effect on non-durable consumption on impact, especially for households with a low level of liquid wealth and bank debt …. In contrast, we find no significant consumption change in response to the in-kind equivalent of cash transfers. Our study …

in net taxes has no effect on national saving during large fiscal contractions or expansions. For government consumption …

government consumption and are stronger for fiscal contractions than expansions. During large contractions an increase in taxes …

-incentives. Using a heterogeneous agent model with incomplete markets, we show that higher taxes (and transfers) decrease consumption … inequality but also mean savings and mean consumption. This demonstrates the trade-off between equity and efficiency. These …