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Fiscal Multipliers and the Choice of Zero Lower Bound Modeling

Siemsen, Thomas; Watzka, Sebastian - 2013

In this note we elaborate on the effect of the modeling choice of the zero lower bound on the size of the fiscal multiplier. To this end we contrast two different ways to implement the ZLB in a New Keynesian model: the ZLB modeled as an endogenous central bank reaction to a contractionary demand...

Persistent link: https://www.econbiz.de/10010318807

Macroeconomic effects of capital tax rate changes

Bhattarai, Saroj; Lee, Jae Won; Park, Woong Yong; Yang, … - 2019

We study aggregate, distributional, and welfare effects of a permanent reduction in the capital tax rate in a dynamic equilibrium model with capital-skill complementarity. Such a tax reform leads to expansionary long-run aggregate effects, but is coupled with an increase in the skill premium....

Persistent link: https://www.econbiz.de/10012018321

An Equilibrium Theory of Nominal Exchange Rates

Hagedorn, Marcus - 2021

This paper proposes an equilibrium theory of nominal exchange rates, which offers a new perspective on various issues in open economy macroeconomics. The nominal exchange rate and portfolio choices are jointly determined in equilibrium, thus providing a new approach to overcoming the...

Persistent link: https://www.econbiz.de/10012657996

Macroeconomic Effects of Capital Tax Rate Changes

Bhattarai, Saroj - 2019

Persistent link: https://www.econbiz.de/10012870641

An Equilibrium Theory of Nominal Exchange Rates

Hagedorn, Marcus - 2021

Persistent link: https://www.econbiz.de/10013212261

Uncertainty and Hyperinflation: European Inflation Dynamics after World War I

Lopez, Jose A.; Mitchener, Kris James - 2018

emerged in many European countries after World War I. We demonstrate that economic policy uncertainty was instrumental in … Hungary (GAPH) suffered from frequent uncertainty shocks – and correspondingly high levels of uncertainty – caused by …. In contrast, other European countries exhibited lower levels of measured uncertainty between 1919 and 1925, allowing them …

Persistent link: https://www.econbiz.de/10011872123

Unconventional Fiscal Policy, Inflation Expectations, and Consumption Expenditure

D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2016

Unconventional fiscal policies incentivize households to accelerate consumption by generating future consumer price ination, and offer an alternative to unconventional monetary policy (Correia et al. (2013)). We use a natural experiment to study the causal effect of unconventional fiscal...

Persistent link: https://www.econbiz.de/10011451411

Forward Guidance Contracts

Gersbach, Hans; Hahn, Volker; Liu, Yulin - 2015

Forward Guidance Contracts can be used when there is uncertainty about natural real interest-rate shocks, a situation which …

Persistent link: https://www.econbiz.de/10010531853

Inequality and the Zero Lower Bound

Fernández-Villaverde, Jesús; Marbet, Joël; Nuño, Galo; … - 2023

This paper studies how household inequality shapes the effects of the zero lower bound (ZLB) on nominal interest rates on aggregate dynamics. To do so, we consider a heterogeneous agent New Keynesian (HANK) model with an occasionally binding ZLB and solve for its fully nonlinear stochastic...

Persistent link: https://www.econbiz.de/10014348051

Climate Risk and Commodity Currencies

Kapfhammer, Felix; Larsen, Vegard; Thorsrud, Leif Anders - 2021

The positive relationship between real exchange rates and natural resource income is well understood and studied. However, climate change and the transition to a lower-carbon economy now challenges this relationship. We document this by proposing a novel news media-based measure of climate...

Persistent link: https://www.econbiz.de/10013314753

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