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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 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
reduce consumption in anticipation of future fiscal adjustments when fiscal stimulus is implemented from a weak fiscal …
Persistent link: https://www.econbiz.de/10012008266
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Asymmetric Effects of Government Spending : Does the Level of Real Interest Rates Matter?
Choi, Woon Gyu - 2005
This paper empirically explores how fiscal policy (represented by increases in government spending) has asymmetric effects on economic activity at different levels of real interest rates. It suggests that the effect of fiscal policy depends on the level of real rates, since the Ricardian effect...
Persistent link: https://www.econbiz.de/10014400636
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Liability-Creating Versus Non-Liability-Creating Fiscal Stabilization Policies : Ricardian Equivalence, Fiscal Stabilization, and Emu
Masson, Paul R. - 1998
This paper looks at theoretical and empirical issues associated with the operation of fiscal stabilizers within an economy. It argues that such stabilizers operate most effectively at a national, rather than local, level. As differing cycles across regions tend to offset each other for the...
Persistent link: https://www.econbiz.de/10014400666
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Private Sector Consumption Behavior and Non-Keynesian Effects of Fiscal Policy
Bhattacharya, Rina - 1999
Bertola-Drazen model) between the propensity to consume out of income and the government consumption-to-GDP ratio …
Persistent link: https://www.econbiz.de/10014401045
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Fiscal Policy and Private Sector Saving Behavior : Tests of Ricardian Equivalence in Some Developing Economies
International Monetary Fund - 1987
Tax or debt financing of a given rate of government expenditures would, according to the now well-known Ricardian Equivalence proposition, have equivalent effects on aggregate demand. Among the reasons for a deviation from the equivalence is the possibility that the government and the private...
Persistent link: https://www.econbiz.de/10014396483
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Fading Ricardian equivalence in ageing Japan
Saito, Ikuo - 2016
Japan seems to be turning less Ricardian, a trend set to continue. First, the discount wedge seems to have risen, suggesting that consumers have become more myopic. Second, some evidence points to the possibility that an increasing number of households are liquidity constrained. If these...
Persistent link: https://www.econbiz.de/10011715428
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Do fiscal multipliers depend on fiscal positions?
Huidrom, Raju; Kose, M. Ayhan; Lim, Jamus Jerome; … - 2016
Persistent link: https://www.econbiz.de/10011559757