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When the zero lower bound on nominal interest rate binds, monetary policy makers may lack traditional tools to stimulate aggregate demand. We investigate whether "unconventional" fiscal policy, in the form of pre-announced consumption tax changes, has the potential to meaningfully shift durables...
Persistent link: https://www.econbiz.de/10012908479
Environmental Engel curves (EECs) plot the relationship between households' incomes and the pollution embodied in the … are indirectly responsible for more pollution. Second, EECs are convex, with income elasticities of less than one. Third … pollution. We show that even without changes to production techniques, the pollution necessary to produce the goods and services …
Persistent link: https://www.econbiz.de/10013029022
individual-pre-tax and household-post-tax earnings and across administrative (Social Security Administration) and survey (Panel … Study of Income Dynamics) data. We estimate two alternative processes for household after-tax earnings and study their …
Persistent link: https://www.econbiz.de/10012927027
The goal of this chapter is to study how, and by how much, household income, wealth, and preference heterogeneity …, using data from the Panel Study of Income Dynamics, we document the patterns of household income, consumption and wealth …. Motivated by this evidence, we study several variants of a standard heterogeneous household model with aggregate shocks and an …
Persistent link: https://www.econbiz.de/10012989141
This paper examines the relationship between household balance sheets, consumer purchases, and expectations. We find … an explicit role for unemployment and for household debt. We find that the model is capable of explaining several …
Persistent link: https://www.econbiz.de/10013247263
We investigate the stochastic relation between income and consumption (specifically, consumption of food) within a panel of about 2,000 households. Our major findings are: 1. Consumption responds much more strongly to permanent than to transitory movements of income. 2. The response to...
Persistent link: https://www.econbiz.de/10013313805
We follow a representative panel of millions of consumers in the U.S. from 2007 to 2017 and document several facts on the long-term effects of the Great Recession. There were about six million foreclosures in the ten-year period after Lehman’s collapse. Owners of multiple homes accounted for...
Persistent link: https://www.econbiz.de/10013322347
This paper assesses the impacts across US household income groups of carbon taxes of various designs. We consider both …
Persistent link: https://www.econbiz.de/10012909117
We compare the spatial distribution of emissions from Southern California's pollution-trading program with that of a …
Persistent link: https://www.econbiz.de/10012889502
Over the past decade, concern over potential global warming has focused attention on the emission of greenhouse gases into the atmosphere, and there is an active debate concerning the desirability of reducing emissions. At the heart of this debate is the future path of both greenhouse gas...
Persistent link: https://www.econbiz.de/10013216506