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Children Matter : Global Imbalances and the Economics of Demographic Transition
Batsuuri, Tsendsuren - 2022
This paper investigates the effect of child dependency on the economy and external imbalances under an asymmetric demographic and productivity transition within a lifecycle model. It embeds dependent children within a two-country model with lifecycle features to examine child dependency’s...
Persistent link: https://www.econbiz.de/10013295892
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The Ageing, Longevity and Crowding Out Effects on Private and Public Savings
Wong, Benjamin - 2010
Life-cycle theory predicts ageing exerting long-term macroeconomic impacts through the reduction of private savings. However, empirical research studying macroeconomic determinants of savings generally regard age dependency as the sole measure of ageing, but overlook longevity, which can also...
Persistent link: https://www.econbiz.de/10013138658
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Why Do Fiscal Multipliers Depend on Fiscal Positions?
Huidrom, Raju - 2019
The fiscal position can affect fiscal multipliers through two channels. Through the Ricardian channel, households reduce consumption in anticipation of future fiscal adjustments when fiscal stimulus is implemented from a weak fiscal position. Through the interest rate channel, fiscal stimulus...
Persistent link: https://www.econbiz.de/10012889833
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Do Fiscal Multipliers Depend on Fiscal Positions?
Huidrom, Raju - 2016
This paper analyzes the relationship between fiscal multipliers and fiscal positions of governments using an Interactive Panel Vector Auto Regression model and a large dataset of advanced and developing economies. Our methodology permits us to trace the endogenous relationship between fiscal...
Persistent link: https://www.econbiz.de/10012988916
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Fiscal Policy, Composition of Intergenerational Transfers, and Income Distribution
Alonso-Carrera, Jaime - 2010
In this paper, we characterize the relationship between the initial distribution of human capital and physical inheritances among individuals and the long-run distribution of these two variables. In a model with indivisible investment in education, we analyze how the initial distribution of...
Persistent link: https://www.econbiz.de/10013138656
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Stuck at Home : Housing Demand during the COVID-19 Pandemic
Gamber, William; Graham, James; Yadav, Anirudh - 2022
The COVID-19 pandemic induced an increase in both the amount of time that households spend at home and the share of expenditures allocated to at-home consumption. These changes coincided with a period of rapidly rising house prices. We interpret these facts as the result of stay-at-home shocks...
Persistent link: https://www.econbiz.de/10013312258
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Deep Habits, Price Rigidities and the Consumption Response to Government Spending
Jacob, Punnoose - 2014
This paper presents the novel implications of introducing price rigidities into a model of good-specific habit formation, for the response of private consumption following a positive government spending shock. With 'deep' habits in demand, the price elasticity of demand rises after the fiscal...
Persistent link: https://www.econbiz.de/10013062274
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Fiscal Policy with Intertemporally Non-Separable Preferences
Bossi, Luca - 2010
substitution changes over time, the timing of lump sum taxation has an asymmetric effect on current and future consumption. This in …
Persistent link: https://www.econbiz.de/10013138657
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Anchored Inflation Expectations
Carvalho, Carlos - 2020
We develop a theory of low-frequency movements in inflation expectations, and use it to interpret joint dynamics of … inflation and inflation expectations for the United States and other countries over the post-war period. In our theory long …-run inflation expectations are endogenous. They are driven by short-run inflation surprises, in a way that depends on recent …
Persistent link: https://www.econbiz.de/10012839369
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The Case for Reform of the RBA's Policy and Communication Strategy
Preston, Bruce - 2020
At any time, the public should be able to evaluate whether the Reserve Bank of Australia's interest rate decisions are consistent with achieving statutory mandates. The current policy and communication strategy makes this difficult. The mandates, as interpreted by the RBA, fail to provide a...
Persistent link: https://www.econbiz.de/10012843828