Showing 1 - 10 of 3,100
Persistent link: https://www.econbiz.de/10013350838
This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the...
Persistent link: https://www.econbiz.de/10011434680
propose a decomposition of consumption that extends the Slutsky equation to a general equilibrium setting. Wealth effects, and … their amplification in general equilibrium, explain a large fraction of the consumption and inflation response to changes in …
Persistent link: https://www.econbiz.de/10012592162
We propose a behavioral heterogeneous agent New Keynesian model in which monetary policy is amplified through indirect general equilibrium effects, fiscal multipliers can be larger than one and which delivers empirically-realistic intertemporal marginal propensities to consume. Simultaneously,...
Persistent link: https://www.econbiz.de/10012815994
We develop a New Keynesian model with household heterogeneity and bounded rationality in the form of cognitive discounting. The interaction of household heterogeneity and bounded rationality generates amplification of monetary and fiscal policy through indirect general equilibrium effects while...
Persistent link: https://www.econbiz.de/10013336069
Persistent link: https://www.econbiz.de/10014339987
Persistent link: https://www.econbiz.de/10009237969
Persistent link: https://www.econbiz.de/10010356806
This paper develops a small New Keynesian model with capital accumulation and government debt dynamics. The paper discusses the design of simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption,...
Persistent link: https://www.econbiz.de/10003337474
This paper develops a small New Keynesian model with capital accumulation and government debt dynamics. The paper discusses the design of simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption,...
Persistent link: https://www.econbiz.de/10003339189