We estimate the effect of government spending shocks on the US economy with a time-varying parameter vector autoregression. The recent Great Recession period appears to be characterized by uniquely large impulse responses of output to fiscal shocks. Moreover, the particularity of this period is...

This thesis presents four essays that study the determinants of private household debt and the relation between private indebtedness and macroeconomic activity. Chapter 1 shows that inequality and household debt are cointegrated of order one and therefore share a common trending relation. In...

We use Swedish administrative individual-level data to document five facts about the distributional income effects of monetary policy. (i) The effects of monetary policy shocks are U-shaped with respect to the income distribution-i.e., expansionary shocks increase the incomes of high- and...

The fiscal consolidation efforts of Spain, Italy, and Portugal from 2010 to 2014 did not achieve their goal of reducing the debt-to-GDP ratio in any of the three countries. This Economic Bulletin examines why the spending cuts and tax increases, at times drastic, were unsuccessful and...

We estimate the effect of government spending shocks on the US economy with a time-varying parameter vector autoregression. The recent Great Recession period appears to be characterized by uniquely large impulse responses of output to fiscal shocks. Moreover, the particularity of this period is...

We use Swedish administrative individual-level data to document five facts about the distributional income effects of monetary policy. (i) The effects of monetary policy shocks are U-shaped with respect to the income distribution - i.e., expansionary shocks increase the incomes of high- and...

Wirtschaftspolitische Maßnahmen, zu denen Politiker in Zeiten der Stagnation greifen, um sich die Gunst ihrer Wähler zu sichern, reflektieren vor allem parteipolitische Interessen und Kompromisse und stellen eher zufällig volkswirtschaftlich sinnvolle Maßnahmen dar. Um auf die...