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The dynamic response of municipal budgets to revenue shocks
Helm, Ines; Stuhler, Jan - 2021
We study the fiscal and tax response to intergovernmental grants, exploiting quasi-experimental variation within Germany's fiscal equalization scheme triggered by Census revisions of official population counts. Municipal budgets do not adjust instantly. Instead, spending and investments adapt...
Persistent link: https://www.econbiz.de/10012518088
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Fiscal multipliers in the COVID-19 recession
Auerbach, Alan J.; Gorodnichenko, Yuriy; McCrory, Peter B. - 2021
In response to the record-breaking COVID19 recession, many governments have adopted unprecedented fiscal stimuli. While countercyclical fiscal policy is effective in fighting conventional recessions, little is known about the effectiveness of fiscal policy in the current environment with...
Persistent link: https://www.econbiz.de/10012705410
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The subjective inflation expectations of households and firms : measurement, determinants, and implications
Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - 2022
Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households' and firms' economic...
Persistent link: https://www.econbiz.de/10013271201
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Demographic uncertainty and generational consumption risk with endogenous human capital
Emerson, Patrick M.; Knabb, Shawn D. - 2018
around the generation subject to the birth rate shock. In a limiting case, we show that an i.i.d birth rate shock translates … into an i.i.d. generational consumption shock. In other words, each generation bears all of the risk associated with their … behavior of the economy in response to a birth rate shock. …
Persistent link: https://www.econbiz.de/10011803190
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Buffer-stock saving and households' response to income shocks
Fella, Giulio; Frache, Serafin; Koeniger, Winfried - 2016
of a permanent income shock. Compared to existing empirical estimates for the same dataset, our findings suggest that …
Persistent link: https://www.econbiz.de/10011572286
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Man-cessions, fiscal policy, and the gender composition of employment
Bredemeier, Christian; Jüßen, Falko; Winkler, Roland - 2015
lead to man-cessions, i.e. employment falls and more strongly so for men. By contrast, an expansionary fiscal shock …
Persistent link: https://www.econbiz.de/10010502790
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Government deficit shocks and Okun's coefficient volatility : new insights on the austerity versus growth debate
Binh Thai Pham; Sala, Hector - 2019
This paper connects two salient economic features: (i) Fiscal shocks have asymmetric effects across business cycle phases (Gechert et al., 2019); (ii) Okun's coefficient is time varying and may be unstable. The intertwined dynamic behavior of fiscal shocks and unemployment-output trade-offs are...
Persistent link: https://www.econbiz.de/10012054782
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Government debt as insurance against macroeconomic risk
Barbie, Martin; Hagedorn, Marcus; Kaul, Ashok - 2001
Is there a role for debt beyond curing overaccumulation of capital? Does dynamic efficiency and the infeasibility of debt Ponzi schemes eliminate any Pareto-improving role for a government in a competitive economy with complete markets? Is there an optimal maturity structure of public debt?...
Persistent link: https://www.econbiz.de/10011405711
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Regional consumption responses and the aggregate fiscal multiplier
Dupor, Bill; Karabarbounis, Marios; Kudlyak, Marianna; … - 2022
We use regional variation in the American Recovery and Reinvestment Act (2009-2012) to analyze the effect of government spending on consumer spending. Our consumption data come from household-level retail purchases in the Nielsen scanner data and auto purchases from Equifax credit balances. We...
Persistent link: https://www.econbiz.de/10013187650
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The impact of government spending on GDP in a remitting country
Al-Abri, Almukhtar S.; Genc, Ismail H.; Naufal, George - 2018
The literature on remittances is large and growing. However, its focus has mainly been on the effects of remittance inflows on the receiving economies. Little has been done on the sending economies. In this paper, we use data from Saudi Arabia, one of the top remitting countries in the world, to...
Persistent link: https://www.econbiz.de/10011881574