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Monetary policy and the relative price of durable goods
Cantelmo, Alessandro; Melina, Giovanni - 2015
In a VAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new house and nondurables prices. These findings survive three identification strategies and...
Persistent link: https://www.econbiz.de/10010515460
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A temporary VAT cut as unconventional fiscal policy
Bachmann, Ruediger; Born, Benjamin; Goldfayn-Frank, Olga; … - 2021
households' consumption expenditures and their perceived pass-through of the tax change into prices to quantify its effects. The … consumption spending by 34 billion Euros. …
Persistent link: https://www.econbiz.de/10012668478
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Government spending and durable goods
Boehm, Christoph E. - 2016
This paper shows that the fiscal multiplier for purchases of durable and investment goods is very small - much smaller than the multiplier for nondurable goods. Standard models predict small durables multipliers because private sector purchases of durable goods are highly intertemporally...
Persistent link: https://www.econbiz.de/10011573302
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Identification through heterogeneity
Amir Ahmadi, Pooyan; Drautzburg, Thorsten - 2017
Set identification in Bayesian vector autoregression (VARs) is becoming increasingly popular while facing recent criticism about potentially unwanted prior dominance and underrepresented bounds of the identified set. This can lead to biased inference even in large samples. Common estimation...
Persistent link: https://www.econbiz.de/10011611169
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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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Structural interpretation of vector autoregressions with incomplete identification : revisiting the role of oil supply and demand shocks
Baumeister, Christiane; Hamilton, James D. - 2017 - Revised December 21, 2017
Traditional approaches to structural vector autoregressions can be viewed as special cases of Bayesian inference arising from very strong prior beliefs. These methods can be generalized with a less restrictive formulation that incorporates uncertainty about the identifying assumptions...
Persistent link: https://www.econbiz.de/10011782040
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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 … study the causal effect of unconventional fiscal policies on consumption expenditure via the inflation-expectations channel … intratemporal substitution from non-durable to durable consumption. …
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 …
Persistent link: https://www.econbiz.de/10011523731
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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 …
Persistent link: https://www.econbiz.de/10011789190
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Did US consumers 'save for a rainy day' before the Great Recession?
Anundsen, André Kallåk; Nymoen, Ragnar - 2015
the period 1980q1-2011q4. That is, income is more often found to predict consumption and saving than the converse. Our … consumption and by exploring the direction of Granger causality between the two series. We also give evidence that house price … changes played a role in the US income and consumption dynamics, before, during and after the Great Recession. …
Persistent link: https://www.econbiz.de/10010518800