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Shocks, frictions, and inequality in US business cycles
Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020
How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we … income risk and taxes. We find that adding data on inequality does not materially change the estimated shocks and frictions … income inequality. The systematic components of monetary and fiscal policy are important for inequality as well. …
Persistent link: https://www.econbiz.de/10012162730
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The liquidity channel of fiscal policy
Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020
We provide evidence that expansionary fiscal policy lowers the return difference between more and less liquid assets—the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice, in which public...
Persistent link: https://www.econbiz.de/10012231567
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The optimal distribution of the tax burden over the business cycle
Angelopoulos, Konstantinos; Asimakopoulos, Stylianos; … - 2013
observations on wage (skill premium) and wealth inequality. We find that the tax rate for high income agents is optimally the least …
Persistent link: https://www.econbiz.de/10010210127
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Distributional effects of macroeconomic shocks in real-time : a novel method applied to the Covid-19 crisis in Germany
Bruckmeier, Kerstin; Peichl, Andreas; Popp, Martin; … - 2020
The highly dynamic nature of the COVID-19 crisis poses an unprecedented challenge to policy makers around the world to take appropriate income-stabilizing countermeasures. To properly design such policy measures, it is important to quantify their effects in real-time. However, data on the...
Persistent link: https://www.econbiz.de/10012383744
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Policy risk and the business cycle
Born, Benjamin; Pfeifer, Johannes - 2013 - This version: July 11, 2013, First Version: December 2010
The argument that policy risk, i.e., uncertainty about monetary and fiscal policy, has been holding back the economic recovery in the U.S. during the Great Recession has a large popular appeal. We analyze the role of policy risk in explaining business cycle fluctuations by using an estimated New...
Persistent link: https://www.econbiz.de/10009772961
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The macroeconomic effects of fiscal policy in a stochastically growing economy
Tamai, Toshiki - In: Economic modelling 35 (2013), pp. 464-471
Persistent link: https://www.econbiz.de/10010336776
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Tax smoothing in a business cycle model with capital-skill complementarity
Angelopoulos, Konstantinos; Asimakopoulos, Stylianos; … - 2014
This paper undertakes a normative investigation of the quantitative properties of optimal tax smoothing in a business cycle model with state contingent debt, capital-skill complementarity, endogenous skill formation and stochastic shocks to public consumption as well as total factor and capital...
Persistent link: https://www.econbiz.de/10010340166
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Why is fiscal policy often procyclical?
Alesina, Alberto (contributor);  … - 2005
Many countries, especially developing ones, follow procyclical fiscal policies, namely spending goes up (taxes go down) in booms and spending goes down (taxes go up) in recessions. We provide an explanation for this suboptimal fiscal policy based upon political distortions and incentives for...
Persistent link: https://www.econbiz.de/10003201852
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Fiscal policy in a stochastic model of endogenous growth
Canton, Erik - In: Economic modelling 18 (2001) 1, pp. 19-47
Persistent link: https://www.econbiz.de/10001539067
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Is fiscal policy always counter- (pro-) cyclical? : the role of public debt and fiscal rules
Combes, Jean-Louis; Minea, Alexandru; Sow, Moussé Ndoye - In: Economic modelling 65 (2017), pp. 138-146
Persistent link: https://www.econbiz.de/10011813623