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Printing Away the Mortgages : Fiscal Inflation and the Post-Covid Boom
Diamond, William F.; Landvoigt, Tim; Sánchez, Germán … - National Bureau of Economic Research - 2024
We analyze the impact of fiscal and monetary stimulus in an economy with mortgage debt, where inflation redistributes … inflation, increasing consumption demand and house prices. The power of fiscal stimulus grows when borrowers are more indebted …. We then show quantitatively that transfers followed by easy monetary policy cause a surge in inflation which helps …
Persistent link: https://www.econbiz.de/10014576602
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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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A Social Insurance Perspective on Pandemic Fiscal Policy : Implications for Unemployment Insurance and Hazard Pay
Romer, Christina; Romer, David - National Bureau of Economic Research - 2021
This paper considers fiscal policy during the pandemic through the lens of optimal social insurance. We develop a simple framework to analyze how government taxes and transfers could mimic the insurance against pandemic income losses that people would like to have had. Permutations of the...
Persistent link: https://www.econbiz.de/10012660097
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Fiscal Policy in the Age of COVID : Does it ‘Get in all of the Cracks?'
Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - National Bureau of Economic Research - 2021
We study the effects of fiscal policy in response to the COVID-19 pandemic at the firm, sector, country and global level. First, we estimate the impact of COVID-19 and policy responses on small and medium sized enterprise (SME) business failures. We combine firm-level financial data from 50...
Persistent link: https://www.econbiz.de/10012629513
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Fiscal Stimulus and Commercial Bank Lending Under COVID-19
Aizenman, Joshua; Jinjarak, Yothin; Spiegel, Mark - National Bureau of Economic Research - 2022
We investigate the implications of extra-normal government spending under the COVID-19 pandemic for commercial bank lending growth between 2019Q4 and 2020Q4 in a large sample of over 3000 banks from 71 countries. We control for pre-pandemic structural factors, bank characteristics and government...
Persistent link: https://www.econbiz.de/10013172181
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The Effect of Fiscal Stimulus : Evidence from COVID-19
Casado, Miguel Garza - 2020
Policymakers, faced with different options for replacing lost earnings, have had limited evidence to inform their decisions. The current economic crisis has highlighted the need for data that are local and timely so that different fiscal policy options on local economies can be more immediately...
Persistent link: https://www.econbiz.de/10012481181
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The Determinants of Fiscal and Monetary Policies During the Covid-19 Crisis
Benmelech, Efraim - 2020
As countries around the world grapple with Covid-19, their economies are grinding to a halt. For the first time since the Great Depression both advanced economies and developing economies are in recession. Governments and central banks have responded to the pandemic and the economic crisis using...
Persistent link: https://www.econbiz.de/10012481316
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Does Policy Communication During Covid Work?
Coibion, Olivier - 2020
Using a large-scale survey of U.S. households during the Covid-19 pandemic, we study how new information about fiscal and monetary policy responses to the crisis affects households' expectations. We provide random subsets of participants in the Nielsen Homescan panel with different combinations...
Persistent link: https://www.econbiz.de/10012481579
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Pandemic Shocks and Fiscal-Monetary Policies in the Eurozone : COVID-19 Dominance During January - June 2020
Jinjarak, Yothin - 2020
This case study compares the importance of prevailing market factors against that of COVID-19 dynamics and policy responses in explaining the evolution of Eurozone (EZ) sovereign spreads during the first half of 2020. Focusing on daily Eurozone CDS spreads, we adopt a multi-stage econometric...
Persistent link: https://www.econbiz.de/10012481646
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Post COVID-19 Exit Strategies and Emerging Markets Economic Challenges
Aizenman, Joshua - 2020
We outline two divergent exit strategies of the U.S. from the post COVID-19 debt-overhang, and analyze their implications on Emerging Markets and global stability. The first strategy is the U.S. aiming at returning to the 2019, pre-COVID mode of loose fiscal policy and accommodating monetary...
Persistent link: https://www.econbiz.de/10012482186