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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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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
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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
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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
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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
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Regional consumption responses and the aggregate fiscal multiplier
Dupor, Bill; Karabarbounis, Marios; Kudlyak, Marianna; … - 2018
spending on consumer spending. Our consumption data come from household-level retail purchases in Nielsen and auto purchases … spending by $0.29. We translate the regional consumption responses to an aggregate fiscal multiplier using a multi-region, New … multiplier, a result that distinguishes our incomplete markets model from models with complete markets. The aggregate consumption …
Persistent link: https://www.econbiz.de/10011911427
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Why do fiscal multipliers depend on fiscal positions?
Huidrom, Raju; Kose, M. Ayhan; Lim, Jamus Jerome; … - 2019
Persistent link: https://www.econbiz.de/10012131558
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The Covid-19 crisis and consumption : survey evidence from six EU countries
Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, … - 2020
Persistent link: https://www.econbiz.de/10012502781
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Fiscal stimulus with learning-by-doing
D'Alessandro, Antonello; Fella, Giulio - 2017
Using a structural VAR analysis, we document that an increase in government purchases raises private consumption, total … monetary policy rule, the real interest rate. Consumption increases as a result. …
Persistent link: https://www.econbiz.de/10011694749