outcomes and elasticities, including the responses of the labor share and the labor wedge to demand shocks and the elasticity … of output with respect to labor inputs. We also decompose changes in work hours into different margins (hours per worker …, the employment rate, and the labor force) and examine effects on local rental prices, wages, and firm entry. We compare …

Several recent studies suggest that the response of national saving to fiscal policy may be non-linear. In this paper … national saving during large fiscal contractions, while it has a positive effect in less pronounced contractions. High or … developing countries, non-linearities in the response national saving to fiscal policy are not limited to large fiscal …

' labor supply and saving assuming standard preferences. The system incorporates kinks from federal personal income tax …'s full set of work and saving disincentives. Consequently, it can facilitate analyses of structural labor supply and tax … discontinuous. Consequently, assessing work and saving responses to policy requires global optimization. This paper develops the …

consumption confirms that fiscal policy changes - both contractions and expansions - can have non-Keynesian effects if they are … sufficiently large and persistent, and suggests that these effects can result not only from changes in public consumption but to … decrease in net taxes (with almost no change in public consumption) was associated with a dramatic fall in private domestic …

, potentially spurring productive investment. Low interest rates, however, also induce entrepreneurs to lever up so as to increase … their incentives thereby lowering productivity and discouraging investment. If leverage is unregulated (for example, due to … payouts by stimulating investment in response to adverse shocks only up to a level below the first-best. The optimal monetary …

-2015 phase as the investment-driven economy, and the new normal economy since 2016. All three economies have been shaped by the …