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The Household Effects of Government Spending

Giavazzi, Francesco; McMahon, Michael - C.E.P.R. Discussion Papers - 2012

lower frequency, on the composition of employment (such as the share of workers in part-time jobs). Shifts in spending could …

Persistent link: https://www.econbiz.de/10011083759

The home bias of the poor: Terms of trade effects and portfolios across the wealth distribution

Broer, Tobias - C.E.P.R. Discussion Papers - 2012

This paper documents how poorer and less educated US households hold a smaller fraction of foreign assets in their financial portfolio. This average home bias of the poor is partly due to a lower probability of participating in foreign asset markets, often attributed to fixed costs of market...

Persistent link: https://www.econbiz.de/10011083824

Debt and Incomplete Financial Markets: A Case for Nominal GDP Targeting

Sheedy, Kevin D. - C.E.P.R. Discussion Papers - 2014

Financial markets are incomplete, thus for many households borrowing is possible only by accepting a financial contract that specifies a fixed repayment. However, the future income that will repay this debt is uncertain, so risk can be inefficiently distributed. This paper argues that a monetary...

Persistent link: https://www.econbiz.de/10011084046

Consumption Taxes and Redistribution

Correia, Isabel - C.E.P.R. Discussion Papers - 2005

It is relatively well known that the introduction of consumption taxation as an alternative in the tax code, and as the main source of government revenues, leads to a more efficient tax system. However the conventional wisdom is that the change from the actual tax code, based on taxation of...

Persistent link: https://www.econbiz.de/10005123977

Tax And Education Policy In A Heterogeneous Agent Economy: What Levels Of Redistribution Maximize Growth And Efficiency?

Bénabou, Roland - C.E.P.R. Discussion Papers - 2000

This paper studies the effects of progressive income taxes and education finance in a dynamic heterogeneous agent economy. Such redistributive policies entail distortions to labour supply and savings, but also serve as partial substitutes for missing credit and insurance markets. The resulting...

Persistent link: https://www.econbiz.de/10005124288

The role of automatic stabilizers in the U.S. business cycle

McKay, Alisdair; Reis, Ricardo - C.E.P.R. Discussion Papers - 2013

Most countries have automatic rules in their tax-and-transfer systems that are partly intended to stabilize economic fluctuations. This paper measures how effective they are. We put forward a model that merges the standard incomplete-markets model of consumption and inequality with the new...

Persistent link: https://www.econbiz.de/10011084125

Crossing the Rio Grande: Migrations, Business Cycles and the Welfare State

Canova, Fabio; Ravn, Morten O - C.E.P.R. Discussion Papers - 1998

This paper studies the macroeconomic effects of an inflow of low-skilled workers into an economy where there is capital accumulation, endogenous labour supply and heterogeneous workers. We find substantial dynamic effects, with adjustments that resemble those triggered by a sudden disruption of...

Persistent link: https://www.econbiz.de/10005791967

Consumption and Savings with Unemployment Risk: Implications for Employment Contracts

Pissarides, Christopher - C.E.P.R. Discussion Papers - 2002

This Paper derives optimal employment contracts when workers are risk-averse and there are employment and unemployment … risks. Without income insurance, consumption rises during employment and falls during unemployment. Optimal employment … contracts offer severance compensation to smooth consumption during employment without causing moral hazard. A pre …

Persistent link: https://www.econbiz.de/10005124282

Sharing High Growth Across Generations: Pensions and Demographic Transition in China

Song, Zheng Michael; Storesletten, Kjetil; Wang, Yikai; … - C.E.P.R. Discussion Papers - 2012

Intergenerational inequality and old-age poverty are salient issues in contemporary China. China's aging population threatens the fiscal sustainability of its pension system, a key vehicle for intergenerational redistribution. We analyze the positive and normative effects of alternative pension...

Persistent link: https://www.econbiz.de/10011083803

Unemployment and Consumption: Are Job Losses Less Painful near the Mediterranean?

Bentolila, Samuel; Ichino, Andrea - C.E.P.R. Discussion Papers - 2000

In this paper we analyse the relationship between unemployment and consumption. We study this relationship with panel data on households in five countries: Spain and Italy (the South), and Germany, Britain, and the US (the North). Our empirical results indicate that an increase in the duration...

Persistent link: https://www.econbiz.de/10005791504

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