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Unconventional fiscal policy in HANK
Seidl, Hannah; Seyrich, Fabian - 2022
We show that in a New Keynesian model with household heterogeneity, fiscal policy can be a perfect substitute for monetary policy: three simple conditions for consumption taxes, labor taxes, and the government debt level are sufficient to induce the same consumption and labor supply of each...
Persistent link: https://www.econbiz.de/10013339587
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Doves for the rich, hawks for the poor? Distributional consequences of systematic monetary policy
Gornemann, Nils; Küster, Keith; Nakajima, Makoto - 2021
We build a New Keynesian business-cycle model with rich household heterogeneity. In the model, systematic monetary stabilization policy affects the distribution of income, income risks, and the demand for funds and supply of assets: the demand, because matching frictions render idiosyncratic...
Persistent link: https://www.econbiz.de/10012603370
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Aggregate and distributional effects of increasing taxes on top income earners
Brüggemann, Bettina; Yoo, Jinhyuk - 2015
We analyze the macroeconomic implications of increasing the top marginal income tax rate using a dynamic general equilibrium framework with heterogeneous agents and a fiscal structure resembling the actual US tax system. The wealth and income distributions generated by our model replicate the...
Persistent link: https://www.econbiz.de/10011306655
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Aggregate and distributional effects of increasing taxes on top income earners
Brüggemann, Bettina; Yoo, Jinhyuk - 2015
We analyze the macroeconomic implications of increasing the top marginal income tax rate using a dynamic general equilibrium framework with heterogeneous agents and a fiscal structure resembling the actual U.S. tax system. The wealth and income distributions generated by our model replicate the...
Persistent link: https://www.econbiz.de/10011315453
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Taxation of top incomes and tax avoidance
Di Nola, Alessandro; Kocharkov, Georgi; Scholl, Almuth; … - 2024
This paper studies the aggregate and distributional effects of raising the top marginal income tax rate in the presence of tax avoidance. To this end, we develop a quantitative macroeconomic model with heterogeneous agents and occupational choice in which entrepreneurs can avoid taxes in two...
Persistent link: https://www.econbiz.de/10014633317
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Distributional effects of the COVID-19 lockdown
Clemens, Marius; Heinemann, Maik - 2020
A two-sector incomplete markets model with heterogeneous agents can be used to study the distributional effects of the COVID-19 lockdown. While negative aggregate welfare effects of the lockdown are unavoidable, the size of aggregate welfare effects as well as the distribution of the welfare...
Persistent link: https://www.econbiz.de/10012255080
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Regional Consumption Responses and the Aggregate Fiscal Multiplier
Dupor, Bill; Karabarbounis, Marios; Kudlyak, Marianna; … - 2022
We use regional variation in the American Recovery and Reinvestment Act (2009-2012) to analyze the effect of government spending on consumer spending. Our consumption data come from household-level retail purchases in the Nielsen scanner data and auto purchases from Equifax credit balances. We...
Persistent link: https://www.econbiz.de/10013351794
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The distributional consequences of tax reforms under market distortions
Angelopoulos, Konstantinos; Jiang, Wei; Malley, Jim - 2011
In this paper we examine the importance of imperfect competition in product and labour markets in determining the long-run welfare effects of tax reforms assuming agent heterogeneity in capital holdings. Each of these market failures, independently, results in welfare losses for at least a...
Persistent link: https://www.econbiz.de/10010278830
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The principle of effective demand: Marx, Kalecki, Keynes and beyond
Hein, Eckhard - 2015
The principle of effective demand, and the claim of its validity for a monetary production economy in the short and in the long run, is the core of heterodox macroeconomics, as currently found in all the different strands of post-Keynesian economics (Fundamentalists, Kaleckians, Sraffians,...
Persistent link: https://www.econbiz.de/10011381299
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On the distribution of wealth and employment
Yum, Minchul - 2018
In the United States, the employment rate is nearly flat across wealth quintiles with the exception of the first … quintile. Correlations between wealth and employment are close to zero or moderately positive. However, incomplete markets … employment. Using a fairly standard incomplete markets model calibrated to match the distribution of wealth, I find that …
Persistent link: https://www.econbiz.de/10011853339