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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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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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Macroeconomic shocks and racial labour market differences in the U.S.
De, Kuhelika; Compton, Ryan A.; Giedeman, Daniel C.; … - 2019
Using 136 United States macroeconomic indicators from 1973 to 2017, and a factor augmented vector autoregression (FAVAR) framework with sign restrictions, we investigate the effects of three structural macroeconomic shocks - monetary, demand, and supply - on the labour market outcomes of black...
Persistent link: https://www.econbiz.de/10012157899
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The burden of unanticipated government spending
Heer, Burkhard; Scharrer, Christian - 2016
We study the impact of a government spending shock on the distribution of income and wealth between cohorts in a …
Persistent link: https://www.econbiz.de/10011458011
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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 … features of this theory are that the nominal exchange rate is determined in international financial markets, that the risk … from the nominal exchange rate. In terms of policy, this novel theory implies that a country with an exchange rate peg and …
Persistent link: https://www.econbiz.de/10012619299
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Indebted demand
Mian, Atif; Straub, Ludwig; Sufi, Amir - 2020
We propose a theory of indebted demand, capturing the idea that large debt burdens by households and governments lower … aggregate demand, and thus natural interest rates. At the core of the theory is the simple yet under-appreciated observation …
Persistent link: https://www.econbiz.de/10012199991
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Income and wealth shocks and expectations during the COVID-19 pandemic
Hanspal, Tobin; Weber, Annika; Wohlfart, Johannes - 2020
the impact of the shock on individuals’ economic choices. Wealth shocks are large across the population, but more …
Persistent link: https://www.econbiz.de/10012206687
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Monetary policy and the relative price of durable goods
Cantelmo, Alessandro; Melina, Giovanni - 2015
findings survive three identification strategies and across subsamples. Then, they are rationalized via the estimation of a two …
Persistent link: https://www.econbiz.de/10010515460
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The distributional effects of peer and aspirational pressure
Angelopulos, Kōnstantinos; Lazarakis, Spyridon; … - 2019
We develop a theoretical framework where the cross-sectional distributions of hours, earnings, wealth and consumption are determined jointly with a set of expenditure targets defining peer and aspirational pressure for members of different social classes. We show existence of a stationary...
Persistent link: https://www.econbiz.de/10012103597
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How should capital be taxed? : theory and evidence from Sweden
Bastani, Spencer; Waldenström, Daniel - 2018
This paper presents a comprehensive analysis of the role of capital taxation in advanced economies with a focus on the Swedish experience. We synthesize the existing theoretical literature, present facts about the capital stock and its distribution, review current capital tax practices and...
Persistent link: https://www.econbiz.de/10011825361