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Unconventional fiscal policy in HANK
Seidl, Hannah; Seyrich, Fabian - 2021
In HANK, we show that fiscal policy is an appropriate macroeconomic stabilization tool at the ZLB. Fiscal policy achieves the same macroeconomic aggregates and the same welfare as hypothetically unconstrained monetary policy by replicating its transmission mechanism. Consumption taxes and labor...
Persistent link: https://www.econbiz.de/10012549562
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Unconventional fiscal policy in HANK
Seidl, Hannah; Seyrich, Fabian - 2021 - This version: August 10, 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/10013342046
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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/10013187650
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The nonlinear effects of fiscal policy
Brinca, Pedro; Faria-e-Castro, Miguel; Ferreira, Miguel H. - 2019
We argue that the fiscal multiplier of government purchases is increasing in the spending shock, in contrast to what is assumed in most of the literature. The fiscal multiplier is largest for large positive government spending shocks and smallest for large contractions in government spending. We...
Persistent link: https://www.econbiz.de/10012015562
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Regional consumption responses and the aggregate fiscal multiplier
Dupor, Bill; Karabarbounis, Marios; Kudlyak, Marianna; … - 2018
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 Nielsen and auto purchases from Equifax credit balances. We estimate that a $1...
Persistent link: https://www.econbiz.de/10011911427
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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/10012234494
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Fiscal Policy with Heterogeneous Agents and Incomplete Markets
Heathcote, Jonathan - Economics Institute for Research (SIR), … - 1999
I undertake a quantitative investigation into the short run effects of changes in the timing of taxes for a model economy in which heterogeneous households trade only one asset and face a borrowing constraint. This asset market structure implies that the consumption of low wealth households is...
Persistent link: https://www.econbiz.de/10005190865
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Countercyclical fiscal policy and gender employment : evidence from the G-7 countries
Akitoby, Bernardin; Honda, Jiro; Miyamoto, Hiroaki - In: IZA journal of labor policy 12 (2022) 1, pp. 1-23
Would countercyclical fiscal policy during recessions improve or worsen the gender employment gap? We answer this … question by exploring the state-dependent impact of fiscal spending shocks on employment by gender in the G-7 countries. Using … the local projection method, we find that, during recessions, a positive fiscal spending shock increases female employment …
Persistent link: https://www.econbiz.de/10013368240
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Fiscal calculus in a New Keynesian model with labor market frictions
Campolmi, Alessia; Faia, Ester; Winkler, Roland - 2011
During the Great Recession following the recent financial crisis large fiscal stimuli were implemented to counteract labor market sclerosis. We explore the effectiveness of various fiscal packages in a matching model featuring inefficient unemployment and a rich fiscal sector employing...
Persistent link: https://www.econbiz.de/10009157603
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Fiscal policy and the labour market : the effect of public sector employment and wages
Gomes, Pedro - 2010
study the labour market effects of public sector employment and wages. Public sector wages plays an important role in … the optimal policy can increase the volatility of unemployment significantly. Public sector wage and employment shocks … it. Hiring more people can increase or decrease the unemployment rate. All shocks raise the wage and crowd out employment …
Persistent link: https://www.econbiz.de/10009302182