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Local determinacy in incomplete-markets models

Hagedorn, Marcus - 2023

Persistent link: https://www.econbiz.de/10014431642

Hagedorn, Marcus - 2024

The Fiscal Theory of the Price Level (FTPL) is a promise to obtain price level determinacy even if the nominal interest rate is constant. The idea is that a unique current price level ensures that the present value government budget constraint holds. I establish that this idea hinges on the...

Persistent link: https://www.econbiz.de/10014464269

The role of MPC heterogeneity for fiscal and monetary policy in the Euro Area

Albacete, Nicolas; Fessler, Pirmin; Pekanov, Atanas - 2024

Closely following the seminal contribution of Jappelli and Pistaferri (2014) - based on Italian household survey data - we employ data of 22 European countries to assess the role of heterogeneity of the marginal propensity to consume (MPC) for fiscal policy in the Euro area. We document an...

Persistent link: https://www.econbiz.de/10014486919

The subjective inflation expectations of households and firms : measurement, determinants, and implications

Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - 2022

Persistent link: https://www.econbiz.de/10013269793

Buffer-stock saving and households' response to income shocks

Fella, Giulio; Frache, Serafin; Koeniger, Winfried - 2017

information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information … contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk … do not impose any model structure on the consumption process. This suggests that Italian households do not have access to …

Persistent link: https://www.econbiz.de/10011694737

Reverse causality between oil policy and fiscal policy? : the Venezuelan experience

Manzano, Osmel; Saboin, José Luis - 2021

This paper uses a model of intergenerational accounting to simulate the intergenerational distribution of oil wealth in Venezuela. Venezuelan oil production does not seem to follow an optimal extraction path. Nevertheless, this is true if we do not consider what the government does with the...

Persistent link: https://www.econbiz.de/10012583980

The nonlinear effects of fiscal policy

Brinca, Pedro; Faria-e-Castro, Miguel; Ferreira, Miguel H. - 2019

We argue that the fiscal multiplier of government purchases is increasing in the spending shock, in contrast to what is assumed in most of the literature. The fiscal multiplier is largest for large positive government spending shocks and smallest for large contractions in government spending. We...

Persistent link: https://www.econbiz.de/10012015562