transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX … repeated cross-section data on consumption and income to decompose idiosyncratic changes in income into predictable life … evolution of consumption and income inequality well and delivers two main results. First, we find that permanent changes in …

compute government consumption multipliers for New Zealand, in normal times and when monetary policy is constrained at the … environments that lead to larger government consumption multipliers. I find that estimated government consumption multipliers are … determined by both economic conditions and the central bank's reaction function. This implies increases in government consumption …