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Short-time work and precautionary savings
Dengler, Thomas; Gehrke, Britta - 2022
recessions. First, we show that the consumption risk of short-time work is considerably smaller compared to unemployment using … frictions featuring an endogenous firing and short-time work decision. In recessions, short-time work reduces the unemployment …
Persistent link: https://www.econbiz.de/10013332143
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Macroeconomic shocks and racial labour market differences in the U.S.
De, Kuhelika; Compton, Ryan A.; Giedeman, Daniel C.; … - 2019
in their unemployment rate and not a decline in labour force participation rate. Policymakers should take account of …
Persistent link: https://www.econbiz.de/10012157899
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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/10011436147
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The effect of unconventional fiscal policy on consumption expenditure
D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2016 - This version: August 2016
Unconventional fiscal policy uses announcements of future increases in consumption taxes to generate inflation expectations and accelerate consumption expenditure. It is budget neutral and time consistent. We exploit a unique natural experiment for an empirical test of the effectiveness of...
Persistent link: https://www.econbiz.de/10011523731
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Managing households' expectations with salient economic policies
D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2019 - This version: August 2019
The empirical effectiveness of economic policies that operate theoretically through similar channels differs substantially. We document this fact by comparing an easy-to-grasp expectations-based policy, unconventional fiscal policy, with a policy whose implications are harder to understand by...
Persistent link: https://www.econbiz.de/10012057290
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Unconventional fiscal policy
D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2018
Unconventional fiscal policy uses announcements of future increases in consumption taxes to generate inflation expectations and accelerate consumption expenditure. It is budget neutral and time consistent. We provide preliminary evidence for the effectiveness of such policies using changes in...
Persistent link: https://www.econbiz.de/10011789190
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Should unemployment insurance be asset-tested
Koehne, Sebastian; Kuhn, Moritz - 2013
We study asset-tested unemployment insurance in an incomplete markets model with moral hazard during job search. Asset … incentive to save and fewer private resources are used for consumption smoothing during unemployment. Our results show that in a … time-discount factors. We conclude that the current U.S. unemployment insurance system is approximately optimal. …
Persistent link: https://www.econbiz.de/10009765509
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Job ladder and wealth dynamics in general equilibrium
Kaas, Leo; Lalé, Etienne; Siassi, Nawid - 2023
consequences of job loss. We further analyze the impact of unemployment insurance and progressive taxation for labor market … dynamics and aggregate economic activity via capital, employment and labor efficiency channels. Lower unemployment benefits or …
Persistent link: https://www.econbiz.de/10014444876
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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/10012619299
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Minimum wages, capital accumulation and worker's incomes
Oikonomidēs, Geōrgios; Moutos, Thomas - 2014
Using an intertemporal model of saving and capital accumulation we demonstrate that it is impossible for any binding minimum wage to increase the after-tax incomes of workers if the production function is Cobb-Douglas with constant returns to scale, or if there are no differences in ability...
Persistent link: https://www.econbiz.de/10010358969