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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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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/10011317719
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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/10011296121
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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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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/10011818431
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Market Work, Home Production, Consumer Demand and Unemployment Among the Unskilled
Lührmann, Melanie; Weiss, Matthias - 2014
This paper introduces a new argument into the theoretical literature on labor market effects of changes in working hours and labor force participation. We advance a general equilibrium model in which increased labor supply reduces unskilled unemployment via consumer demand: longer work hours and...
Persistent link: https://www.econbiz.de/10014210825
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The Dynamic Effects of Government Spending Shocks on Employment and Work Hours
Yuan, Mingwei - 2012
In this paper, we analyze the dynamic behavior of employment and hours worked per worker in a stochastic general … to the firm, causing a reduction of job openings and consequently a decrease in employment. These results are contrasted …
Persistent link: https://www.econbiz.de/10013102603
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A New Approach for the General Equilibrium Analysis. Increase of the Production and Employment with Monetary and Fiscal Boosts
Nomidis, Dimitrios - 2014
:After a monetary or fiscal expansion there will always be a temporary increase in the production and employment, even if … be not only a temporary short-term increase in the production and employment, but furthermore a permanent long-term one … fixed long-term production reflecting a fixed full employment level underlies the conventional theory, unless a long …
Persistent link: https://www.econbiz.de/10013053400
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Job creation in tight and slack labor markets
Buchheim, Lukas; Watzinger, Martin; Wilhelm, Matthias - 2019
Do investment programs create more jobs in tight or in slack labor markets? We study this question using data from a large, long-term photovoltaic invest scheme in Germany. Comparing counties with high and low unemployment both over time and across space, we find that photovoltaic installations...
Persistent link: https://www.econbiz.de/10012033285