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Modern Macroeconomics in Practice: How Theory is Shaping Policy

Kehoe, Patrick J.; Chari, Varadarajan - National Bureau of Economic Research (NBER) - 2006

Theoretical advances in macroeconomics made in the last three decades have had a major influence on macroeconomic policy analysis. Moreover, over the last several decades, the United States and other countries have undertaken a variety of policy changes that are precisely what macroeconomic...

Persistent link: https://www.econbiz.de/10005089123

The Cross-Section and Time-Series of Stock and Bond Returns

Lustig, Hanno; Van Nieuwerburgh, Stijn; Koijen, Ralph S.J. - National Bureau of Economic Research (NBER) - 2010

Value stocks have higher exposure to innovations in the nominal bond risk premium, which measures the markets' perception of cyclical variation in future output growth, than growth stocks. The ICAPM then predicts a value risk premium provided that good news about future output lowers the...

Persistent link: https://www.econbiz.de/10008635918

Understanding Equilibrium Models with a Small and a Large Number of Agents

Denhaan, Wouter - National Bureau of Economic Research (NBER) - 1996

In this paper, I compare a two-agent asset pricing model with the corresponding model with a continuum of agents. In a two-agent economy, interest rates respond to because each agent represents half of the population. These interest rate effects facilitate consumption smoothing. An agent in a...

Persistent link: https://www.econbiz.de/10005579910

Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates

Swanson, Eric T.; Williams, John C. - National Bureau of Economic Research (NBER) - 2014

The federal funds rate has been at the zero lower bound for over four years, since December 2008. According to standard macroeconomic models, this should have greatly reduced the effectiveness of monetary policy and increased the efficacy of fiscal policy. However, these models also imply that...

Persistent link: https://www.econbiz.de/10010951118

Tax News: Identifying Tax Expectations from Municipal Bonds with an Application to Household Consumption

Kueng, Lorenz - National Bureau of Economic Research (NBER) - 2014

expectations with consumption data from the Consumer Expenditure Survey, I find that consumption of high-income households … rational-expectations life-cycle theory. …

Persistent link: https://www.econbiz.de/10010950956

The Economic Stimulus Payments of 2008 and the Aggregate Demand for Consumption

Parker, Jonathan A.; Broda, Christian - National Bureau of Economic Research (NBER) - 2014

Using a survey of households in the Nielsen Consumer Panel and the randomized timing of disbursement of the 2008 Economic Stimulus Payments, we find that a household's spending rose by ten percent the week it received a Payment and remained high cumulating to 1.5-3.8 percent of spending over...

Persistent link: https://www.econbiz.de/10011265739

Household Expenditure and the Income Tax Rebates of 2001

Parker, Jonathan A.; Souleles, Nicholas S; Johnson, David S. - National Bureau of Economic Research (NBER) - 2004

Under the Economic Growth and Tax Relief Reconciliation Act of 2001, most U.S. taxpayers received a tax rebate between July and September, 2001. The week in which the rebate was mailed was based on the second-to-last digit of the taxpayer's Social Security number, a digit that is effectively...

Persistent link: https://www.econbiz.de/10005084965

Did the 2008 Tax Rebates Stimulate Spending?

Shapiro, Matthew D.; Slemrod, Joel - National Bureau of Economic Research (NBER) - 2009

Only one-fifth of respondents to a rider on the University of Michigan Survey Research Center's Monthly Survey said that the 2008 tax rebates would lead them to mostly increase spending. Almost half said the rebate would mostly lead them to pay off debt, while about a third saying it would lead...

Persistent link: https://www.econbiz.de/10005085256

The Households Effects of Government Consumption

Giavazzi, Francesco; McMahon, Michael - National Bureau of Economic Research (NBER) - 2012

This paper provides new evidence on the effects of fiscal policy by studying, using household-level data, how households respond to shifts in government spending. Our identification strategy allows us to control for time-specific aggregate effects, such as the stance of monetary policy or the...

Persistent link: https://www.econbiz.de/10009652775

Capital Taxation and Ownership when Markets are Incomplete

Farhi, Emmanuel - National Bureau of Economic Research (NBER) - 2007

This paper analyzes the theoretical and quantitative implications of optimal capital taxation in the neoclassical … complete markets allocation. Because capital income varies with the state of the economy, capital taxation provides a state … contingent source of revenues. I thus identify a novel potential role for capital taxation as a risk sharing instrument between …

Persistent link: https://www.econbiz.de/10005829854

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