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Local determinacy in incomplete-markets models
Hagedorn, Marcus - 2023
Persistent link: https://www.econbiz.de/10014431642
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The failed theory of the price level
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
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Generational Policy
Kotlikoff, Laurence J. - 2021
Generational policy is a fundamental aspect of a nation's fiscal affairs. The policy involves redistributing resources across generations and allocating to particular generations the burden of paying the government's bills. This chapter of the second edition of The Handbook of Public Economics...
Persistent link: https://www.econbiz.de/10013231998
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The Impact on Consumption and Saving of Current and Future Fiscal Policies
Carman, Katherine Grace; Gokhale, Jagadeesh; Kotlikoff, … - 2021
alternative fiscal policies on current consumption and saving. Studies to date have examined the response of current consumption … consumption smoothing is actually feasible. ESPlanner's saving and life insurance recommendations generate the smoothest possible … survival-state contingent lifetime consumption path for the household without putting it into debt. Such consumption smoothing …
Persistent link: https://www.econbiz.de/10013218544
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The fiscal multiplier
Mitman, Kurt; Manovskii, Iourii; Hagedorn, Marcus - 2019
Persistent link: https://www.econbiz.de/10012122977
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Corona policy according to hank
Hagedorn, Marcus; Mitman, Kurt - 2020
Persistent link: https://www.econbiz.de/10012216060
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An equilibrium theory of nominal exchange rates
Hagedorn, Marcus - 2021
Persistent link: https://www.econbiz.de/10012613410
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Game Over : Simulating Unsustainable Fiscal Policy
Evans, Richard W. - 2014
Fiscal sustainability is one of the most pressing policy issues of our time. Yet it remains difficult to quantify. Official debt is plagued with a number of measurement difficulties since its measurement reflects the choice of words, not policies. And forming the fiscal gap-the imbalance in the...
Persistent link: https://www.econbiz.de/10013064889
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Russia's Fiscal Gap
Goryunov, Eugene - 2013
Every country faces what economists call an intertemporal (across time) budget constraint, which requires that its government's future expenditures, including the servicing of its outstanding official debt, be covered by its government's future receipts when measured in present value. The...
Persistent link: https://www.econbiz.de/10013073203
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The Fiscal Multiplier
Hagedorn, Marcus - 2019
stimulus increases aggregate demand. Second, incomplete markets deliver a realistic distribution of dynamic consumption and …
Persistent link: https://www.econbiz.de/10012892557