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The Effect of Inequality on Redistribution : An Econometric Analysis
Boskin, Michael J.; Elnahal, Kareem; Zhang, Adam - National Bureau of Economic Research - 2024
Using data on U.S. state and federal taxes and transfers over a quarter century, we estimate a regression model that yields the marginal effect of any shift of market income share from one quintile to another on the entire post tax, post-transfer income distribution. We identify exogenous income...
Persistent link: https://www.econbiz.de/10014544770
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A Theory of Fiscal Responsibility and Irresponsibility
Halac, Marina; Yared, Pierre - National Bureau of Economic Research - 2022
We propose a political economy mechanism that explains the presence of fiscal regimes punctuated by crisis periods. Our model focuses on the interaction between successive deficit-biased governments subject to i.i.d. fiscal shocks. We show that the economy transitions between a fiscally...
Persistent link: https://www.econbiz.de/10013435163
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Navigating by Falling Stars : Monetary Policy with Fiscally Driven Natural Rates
Campos, Rodolfo G.; Fernández-Villaverde, Jesús; … - National Bureau of Economic Research - 2024
We study a new type of monetary-fiscal interaction in a heterogeneous-agent New Keynesian model with a fiscal block. Due to household heterogeneity, the stock of public debt affects the natural interest rate, forcing the central bank to adapt its monetary policy rule to the fiscal stance to...
Persistent link: https://www.econbiz.de/10014512073
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State-Dependent Local Projections : Understanding Impulse Response Heterogeneity
Cloyne, James; Jordà, Òscar; Taylor, Alan M. - National Bureau of Economic Research - 2023
An impulse response is the dynamic average effect of an intervention across horizons. We use the well-known Kitagawa-Blinder-Oaxaca decomposition to explore a response's heterogeneity over time and over states of the economy. This can be implemented with a simple extension to the usual local...
Persistent link: https://www.econbiz.de/10014226168
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Spending and Job-Finding Impacts of Expanded Unemployment Benefits : Evidence from Administrative Micro Data
Ganong, Peter; Greig, Fiona E.; Noel, Pascal J.; … - National Bureau of Economic Research - 2022
We show that the largest increase in unemployment benefits in U.S. history had large spending impacts and small job-finding impacts. This finding has three implications. First, increased benefits were important for explaining aggregate spending dynamics--but not employment dynamics--during the...
Persistent link: https://www.econbiz.de/10013361970
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Fiscal and Monetary Policy with Heterogeneous Agents
Auclert, Adrien; Rognlie, Matthew; Straub, Ludwig - National Bureau of Economic Research - 2024
In the past decade, a new paradigm for fiscal and monetary policy analysis has emerged, combining the canonical macro model of income and wealth inequality with the New Keynesian model. These Heterogeneous-Agent New Keynesian ("HANK") models feature new transmission channels and allow for the...
Persistent link: https://www.econbiz.de/10015072932
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Optimal Monetary and Fiscal Policies in Disaggregated Economies
Cox, Lydia; Feng, Jiacheng; Müller, Gernot J.; Pasten, … - National Bureau of Economic Research - 2024
The jointly optimal monetary and fiscal policy mix in a multi-sector New Keynesian model with sectoral government spending and productivity shocks entails a separation of roles: Sectoral government spending optimally adjusts to sectoral output gaps and inflation rates---a policy supported by...
Persistent link: https://www.econbiz.de/10015072856
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Russia's Fiscal Gap
Goryunov, Eugene - 2013
debt still have very major fiscal problems? The answer is that the Russia's energy resources are finite, whereas its … expenditure needs are not. Moreover, Russia is aging and facing massive obligations from its pension system and other age related …This study estimates Russia's 2013 fiscal gap at 890 trillion rubles or $28 trillion. This longterm budget shortfall is …
Persistent link: https://www.econbiz.de/10012459053
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Revenue Slumps and Fiscal Capacity : Evidence from Brazil
Ferraz, Claudio; Foremny, Dirk; Santini, Juan Francisco - National Bureau of Economic Research - 2024
This paper investigates how non-tax revenues impact tax collection in Brazilian municipalities, focusing on shifts in intergovernmental transfers due to population updates. Our analysis reveals asymmetric effects of shocks: revenue gains lead to increased spending without tax reductions, while...
Persistent link: https://www.econbiz.de/10014544719
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Social Media and the Behavior of Politicians : Evidence from Facebook in Brazil
Bessone, Pedro; Campante, Filipe R.; Ferraz, Claudio; … - National Bureau of Economic Research - 2022
We study the relationship between the spread of social media platforms and the communication and responsiveness of politicians towards voters, in the context of the expansion of Facebook in Brazil. We use self-collected data on the universe of Facebook activities by federal legislators and the...
Persistent link: https://www.econbiz.de/10013334523