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How Effective Have Fiscal Policies Been in Changing the Distribution of Income and Wealth?

King, Mervyn A. - 1980

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/10012478675

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/10012481561

Fiscal Multipliers : A Heterogenous-Agent Perspective

Broer, Tobias; Krusell, Per; Öberg, Erik - National Bureau of Economic Research - 2021

We use an analytically tractable heterogeneous-agent (HANK) version of the standard New Keynesian model to show how the … fall after a fiscal stimulus and the resulting negative income effect makes the representative worker work harder. Our HANK …, fiscal multipliers are close to one, independently of income heterogeneity and price stickiness …

Persistent link: https://www.econbiz.de/10012482584

Inequality, Business Cycles, and Monetary-Fiscal Policy

Bhandari, Anmol - 2018

heterogeneity and incomplete markets …

Persistent link: https://www.econbiz.de/10012453010

Financial sector ups and downs and the real sector : big hindrance, little help

Aizenman, Joshua - 2011

"We examine how financial expansion and contraction cycles affect the broader economy through their impact on 8 real economic sectors in a panel of 28 countries over 1960-2005, paying particular attention to large, or sharp, contractions and magnifying and mitigating factors. Overall, the...

Persistent link: https://www.econbiz.de/10011395532

Understanding the Fiscal Theory of the Price Level

Christiano, Lawrence J. - 2000

Persistent link: https://www.econbiz.de/10012471099

The Savers-Spenders Theory of Fiscal Policy

Mankiw, N. Gregory - 2000

The macroeconomic analysis of fiscal policy is usually based on one of two canonical models--the Barro-Ramsey model of infinitely-lived families or the Diamond-Samuelson model of overlapping generations. This paper argues that neither model is satisfactory and suggests an alternative. In the...

Persistent link: https://www.econbiz.de/10012471204

Fiscal Shocks in an Efficiency Wage Model

Burnside, Craig - 2000

This paper analyzes the ability of a general equilibrium efficiency wage model to account for the estimated response of hours worked and of real wages to a fiscal policy shock. Our key finding is that the model cannot do so unless we make the counterfactual assumption that marginal tax rates are...

Persistent link: https://www.econbiz.de/10012471261

Tax Base Variability and Procyclical Fiscal Policy

Talvi, Ernesto - 2000

Based on a sample of 56 countries, we find that while fiscal policy in the G-7 countries appears to be broadly consistent with Barro's tax smoothing proposition, in developing countries government spending and taxes are highly procyclical (i.e., government spending rises and taxes fall during...

Persistent link: https://www.econbiz.de/10012471277

The Political Economy of the Budget Surplus in the U.S

Alesina, Alberto - 2000

Current surpluses in the U.S. have been achieved by a combination of a strong economy, low interest rates, and sharp cuts in defence spending. These surpluses follow a period (the eighties) of rather exceptional budget deficits. This paper investigates the origin, size, and expected future...

Persistent link: https://www.econbiz.de/10012471280

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