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Precautionary savings and the wealth distribution with illiquid durables

Gruber, Joseph; Martin, Robert - Federal Reserve Board (Board of Governors of the … - 2003

distribution of wealth in a standard Aiyagari model (i.e. a model with heterogeneous agents, idiosyncratic uncertainty, and … costs. Transaction costs have only a modest impact on the degree of wealth dispersion, as measured by the Gini index, as the … associated increase in savings is close to linear in wealth. While we are unable to match the dispersion of wealth in the data …

Persistent link: https://www.econbiz.de/10005368407

Industry evidence on the effects of government spending

Nekarda, Christopher J.; Ramey, Valerie A. - Federal Reserve Board (Board of Governors of the … - 2010

This paper investigates industry-level effects of government purchases in order to shed light on the transmission mechanism for government spending on the aggregate economy. We begin by highlighting the different theoretical predictions concerning the effects of government spending on industry...

Persistent link: https://www.econbiz.de/10008498945

The flypaper effect unstuck: evidence on endogenous grants from the Federal Highway Aid Program

Knight, Brian - Federal Reserve Board (Board of Governors of the … - 2000

Contrary to simple theoretical predictions, previous empirical research has found that state government public spending is increased far more, often dollar-for-dollar, by federal grant receipts than by equivalent increases in constituent private income. This anomaly has come to be known as the...

Persistent link: https://www.econbiz.de/10005513073

Government debt

Elmendorf, Douglas W.; Mankiw, N. Gregory - Federal Reserve Board (Board of Governors of the … - 1998

This paper surveys the literature on the macroeconomic effects of government debt. It begins by discussing the data on debt and deficits, including the historical time series, measurement issues, and projections of future fiscal policy. The paper then presents the conventional theory of...

Persistent link: https://www.econbiz.de/10005514169

Forecasting exogenous fiscal variables in the United States

Cohen, Darrel; Follette, Glenn - Federal Reserve Board (Board of Governors of the … - 2003

and spending-policy actions, for short--in the United States. First, we estimate simple models of defense expenditures …

Persistent link: https://www.econbiz.de/10005394215

The effects of deficit-reduction laws on real interest rates

Elmendorf, Douglas W. - Federal Reserve Board (Board of Governors of the … - 1996

This paper uses news reports about two deficit-reduction laws of the past decade to identify days when expected fiscal policy clearly became more or less expansionary. The paper also proposes a technique for identifying whether the real interest rate increased or decreased on those days, based...

Persistent link: https://www.econbiz.de/10005394046

Global versus country-specific productivity shocks and the current account

Glick, Reuven; Rogoff, Kenneth - Federal Reserve Board (Board of Governors of the … - 1993

For G-7 countries over the period 1961-1990, there appears to be a strong and stable negative correlation between annual changes in the current account and investment. Here we explore this correlation using a highly tractable empirical model that distinguishes between global and country-specific...

Persistent link: https://www.econbiz.de/10005712792

An analysis of government spending in the frequency domain

Cohen, Darrel - Federal Reserve Board (Board of Governors of the … - 1999

This paper utilizes frequency-domain techniques to identify and characterize economically important properties of government spending. Using post-war data for the United States, the paper first identifies peaks in the estimated spectra of the major components of fiscal spending. Second, the...

Persistent link: https://www.econbiz.de/10005720996

Optimal monetary policy with durable and non-durable goods

Erceg, Christopher J.; Levin, Andrew T. - Federal Reserve Board (Board of Governors of the … - 2002

a monetary policy innovation has a peak impact on durable expenditures that is roughly five times as large as its impact … on non-durable expenditures. We then proceed to formulate and calibrate a two-sector dynamic general equilibrium model …

Persistent link: https://www.econbiz.de/10005498916

Wealth, Pensions, Debt, and Savings: Considerations for a Panel Survey

Bucks, Brian K.; Pence, Karen M. - Federal Reserve Board (Board of Governors of the … - 2015

Several U.S. panel surveys measure household wealth. At the same time, many important questions about household wealth … hinders their usefulness for addressing these questions. We review the features of wealth data that make it difficult to …

Persistent link: https://www.econbiz.de/10011261277