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Stabilization versus insurance: welfare effects of procyclical taxation under incomplete markets
Costain, James S.; Reiter, Michael - Barcelona Graduate School of Economics (Barcelona GSE) - 2004
We construct and calibrate a general equilibrium business cycle model with unemployment and precautionary saving. We compute the cost of business cycles and locate the optimum in a set of simple cyclical fiscal policies. Our economy exhibits productivity shocks, giving firms an incentive to hire...
Persistent link: https://www.econbiz.de/10010547417
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Monetary Policy and Redistribution: What can or cannot be Neutralized with Mirrleesian Taxes
Gahvari, Firouz; Micheletto, Luca - CESifo - 2012
that the Friedman rule is not in general optimal. The results are due to the existence of another source of heterogeneity … differences in earning ability were the only source of heterogeneity, the fiscal authority would be able to neutralize the effects …
Persistent link: https://www.econbiz.de/10009645639
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Stabilization versus insurance: Welfare effects of procyclical taxation under incomplete markets
Costain, James S.; Reiter, Michael - Department of Economics and Business, Universitat … - 2004
We construct and calibrate a general equilibrium business cycle model with unemployment and precautionary saving. We compute the cost of business cycles and locate the optimum in a set of simple cyclical fiscal policies. Our economy exhibits productivity shocks, giving firms an incentive to hire...
Persistent link: https://www.econbiz.de/10005707978
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Austerity versus Stimulus: A DSGE Political Economy Explanation
McManus, Richard - Department of Economics and Related Studies, University … - 2013
The 2008 financial crisis and subsequent global economic downturn has brought fiscal policy back onto the political and academic agenda. Despite the vast literature, the discussion is primarily focused upon the fiscal policy multiplier. This positive analysis omits normative consequences from...
Persistent link: https://www.econbiz.de/10010659530
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Heterogeneous Responses and Aggregate Impact of the 2001 Income Tax Rebates
Misra, Kanishka; Surico, Paolo - C.E.P.R. Discussion Papers - 2011
% of households, with higher income or liquid wealth. The estimated heterogeneity implies that the tax rebates added a 3 …
Persistent link: https://www.econbiz.de/10008925717
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Consumption, Income Changes and Heterogeneity: Evidence from Two Fiscal Stimulus Programmes
Misra, Kanishka; Surico, Paolo - C.E.P.R. Discussion Papers - 2013
propensity held high mortgage debt. The heterogeneity is concentrated in a few non-durable categories and a handful of `new …
Persistent link: https://www.econbiz.de/10011083341
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Heterogeneous Consumers and Fiscal Policy Shocks
Anderson, Emily; Inoue, Atsushi; Rossi, Barbara - C.E.P.R. Discussion Papers - 2013
This paper studies stylized empirical facts regarding the effects of unexpected changes in aggregate macroeconomic fiscal policies on consumers that are allowed to differ depending on their individual characteristics. We use data from the Consumption Expenditure Survey (CEX) to estimate...
Persistent link: https://www.econbiz.de/10011083875
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The heterogeneous cyclicality of income and wages among the distribution
Cervini-Plá, María; López-Villavicencio, Antonia; … - Groupe d'Analyse et de Théorie Économique Lyon … - 2015
paying special attention to the heterogeneity among different earnings and income groups, we document that individuals at the …
Persistent link: https://www.econbiz.de/10011251791
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Inequality-Driven Growth: Unveiling Aggregation Effects in Growth Equations
Albuquerque, Pedro H. - Econometric Society - 2004
This paper presents a simple Cass-Koopmans-Ramsey AK growth model with heterogeneity that explains how policies that … place in poor and rich countries alike, arising from productivity heterogeneity and redistribution (although it could also … arise from other sources of heterogeneity). The effect is explicitly captured in the aggregate growth equation by the …
Persistent link: https://www.econbiz.de/10005328881
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Inequality-Driven Growth: Unveiling Aggregation Effects in Growth Equations
Albuquerque, Pedro H. - Econometric Society - 2004
This paper presents a simple Cass-Koopmans-Ramsey AK growth model with heterogeneity that explains how policies that … place in poor and rich countries alike, arising from productivity heterogeneity and redistribution (although it could also … arise from other sources of heterogeneity). The effect is explicitly captured in the aggregate growth equation by the …
Persistent link: https://www.econbiz.de/10005086426