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Nominal Devaluations, Inflation and Inequality
Blanco, Andres; Drenik, Andres; Zaratiegui, Emilio - National Bureau of Economic Research - 2024
devaluations within the context of a surge in inflation and a fall and subsequent recovery of real labor income. To better …
Persistent link: https://www.econbiz.de/10014544772
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Excess Savings and Twin Deficits : The Transmission of Fiscal Stimulus in Open Economies
Aggarwal, Rishabh; Auclert, Adrien; Rognlie, Matthew; … - National Bureau of Economic Research - 2022
We study the effects of debt-financed fiscal transfers in a general equilibrium, heterogeneous-agent model of the world economy. In the long run, increases in government debt anywhere raise the world interest rate and increase private wealth everywhere. In the short run, a country with a...
Persistent link: https://www.econbiz.de/10013334403
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Inflationary Effects of Fiscal Support to Households and Firms
Hale, Galina; Leer, John C.; Nechio, Fernanda - National Bureau of Economic Research - 2023
Fiscal support measures in response to the COVID-19 pandemic varied in their targeted beneficiaries. Relying on variability across 10 large economies, we study differences in the inflationary effects of fiscal support measures targeting consumers or businesses. Because conventional measures of...
Persistent link: https://www.econbiz.de/10013537798
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Fiscal Histories
Cochrane, John H. - National Bureau of Economic Research - 2022
The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of … determines the path of expected inflation, while news about the present value of surpluses drives unexpected inflation. I use … fiscal theory to interpret historical episodes, including the rise and fall of inflation in the 1970s and 1980s, the long …
Persistent link: https://www.econbiz.de/10013361983
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Rent Guarantee Insurance
Abramson, Boaz; Nieuwerburgh, Stijn van - National Bureau of Economic Research - 2024
A rent guarantee insurance (RGI) policy makes a limited number of rent payments to the landlord on behalf of an insured tenant unable to pay rent due to a negative income or health expenditure shock. We introduce RGI in a rich quantitative equilibrium model of housing insecurity and show it...
Persistent link: https://www.econbiz.de/10014576611
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Inflation, War Bonds, and the Rise of Republicans in the 1950s
Brunet, Gillian; Hilt, Eric; Jaremski, Matthew S. - National Bureau of Economic Research - 2023
We study the role of war bonds and inflation in the presidential elections of the 1950s. During World War II, the … promotion of savings bonds made Americans more sensitive to the high inflation that prevailed after the war, contributing to …
Persistent link: https://www.econbiz.de/10014447290
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Imperfect Common Knowledge and the Effects of Monetary Policy
Woodford, Michael - 2001
monopolistically competitive pricing, higher-order expectations are crucial for aggregate inflation dynamics, as argued by Phelps (1983 … disturbance, and a delayed effect on inflation, as found in VAR studies …
Persistent link: https://www.econbiz.de/10012470042
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Monopoly Power and Endogenous Product Variety : Distortions and Remedies
Bilbiie, Florin O. - 2008
The inefficiencies related to endogenous product creation and variety under monopolistic competition are two-fold: one static--the misalignment between consumers and producers regarding the value of a new variety; and one dynamic--time variation in markups. Quantitatively, the welfare costs of...
Persistent link: https://www.econbiz.de/10012464264
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Declining Responsiveness at the Establishment Level : Sources and Productivity Implications
Cooper, Russell W.; Haltiwanger, John C.; Willis, … - National Bureau of Economic Research - 2024
This paper studies competing sources of declining dynamism. Evidence shows that an important component of this decline is accounted for by the reduction in the response of employment to shocks in US establishments. Using a plant level dynamic optimization problem as a framework for analysis,...
Persistent link: https://www.econbiz.de/10014486222
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Measuring the Gains from Trade under Monopolistic Competition
Feenstra, Robert C. - 2009
Three sources of gains from trade under monopolistic competition are: (i) new import varieties available to consumers; (ii) enhanced efficiency as more productive firms begin exporting and less productive firms exit; (iii) reduced markups charged by firms due to import competition. The first...
Persistent link: https://www.econbiz.de/10012463056