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How Effective Have Fiscal Policies Been in Changing the Distribution of Income and Wealth?
King, Mervyn - 2021
Despite the expansion of empirical research in public finance, there remains consider- able uncertainty about the distributional consequences of fiscal policy. For this session, I have been asked to summarize some international comparisons. I shall divide the issue into two questions. How...
Persistent link: https://www.econbiz.de/10013233898
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Inequality, Fiscal Policy and Covid19 Restrictions in a Demand-Determined Economy
Auerbach, Alan J. - 2020
We evaluate the effects of inequality, fiscal policy, and COVID19 restrictions in a model of economic slack with potentially rigid capital operating costs. Inequality has large negative effects on output, while also diminishing the effects of demand-side fiscal stimulus. COVID restrictions can...
Persistent link: https://www.econbiz.de/10012831278
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Inequality, Business Cycles, and Monetary-Fiscal Policy
Bhandari, Anmol - 2018
We study optimal monetary and fiscal policy in a model with heterogeneous agents, incomplete markets, and nominal rigidities. We develop numerical techniques to approximate Ramsey plans and apply them to a calibrated economy to compute optimal responses of nominal interest rates and labor tax...
Persistent link: https://www.econbiz.de/10012916616
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Fiscal Multipliers : A Heterogenous-Agent Perspective
Broer, Tobias; Krusell, Per; Öberg, Erik - 2022
We use an analytically tractable heterogeneous-agent (HANK) version of the standard New Keynesian model to show how the size of fiscal multipliers depends on i) the distribution of factor incomes, and ii) the source of nominal rigidities. With sticky prices but flexible wages, the standard...
Persistent link: https://www.econbiz.de/10014089542
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Big BRICS, Weak Foundations : The Beginning of Public Elementary Education in Brazil, Russia, India, and China
Chaudhary, Latika - 2014
developing economies circa 1910: Brazil, Russia, India and China (BRIC). These four countries encompassed more than 50 percent of …
Persistent link: https://www.econbiz.de/10013066599
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Hoarding for Stormy Days - Test of International Reserves Providing Financial Buffer Services
Aizenman, Joshua - 2019
This paper outlines a tractable cost-benefit analysis of the buffer stock financial services provided by international reserves and applies it to 8 of the largest Emerging Markets (BRICS, Indonesia, Mexico, Turkey) during 2000-2019. The efficient management of international reserves generates...
Persistent link: https://www.econbiz.de/10012869225
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Domestic and Multilateral Effects of Capital Controls in Emerging Markets
Pasricha, Gurnain Kaur - 2015
Using a novel, high frequency dataset on capital control actions in 16 emerging market economies (EMEs) from 2001 to 2012, we provide new insights into the domestic and multilateral effects of capital controls. Increases in capital account openness reduce monetary policy autonomy and increase...
Persistent link: https://www.econbiz.de/10013030625
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Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market
Deng, Yongheng - 2011
, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first … speed and efficacy of China's stimulus derives from state control over its banking system and corporate sector. Beijing …, fueling a real estate bubble; and that China's seemingly highly effective macroeconomic stimulus package may well have induced …
Persistent link: https://www.econbiz.de/10013128599
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Macroeconomic Effects of China'S Financial Policies
Chen, Kaiji - 2018
analysis. The stylized facts differ qualitatively across different phases or economies. We argue that the impacts of China …
Persistent link: https://www.econbiz.de/10012908470
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Human Capital, Economic Growth, and Inequality in China
Heckman, James J. - 2012
China's rapid growth was fueled by substantial physical capital investments applied to a large stock of medium skilled … the past decade, China has made substantial investments in producing it. The egalitarian access to medium skilled …. China's growth will be fostered by expanding access to all levels of education, reducing impediments to labor mobility, and …
Persistent link: https://www.econbiz.de/10013106083