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In this work we study the granular origins of business cycles and their possible underlying drivers. As shown by Gabaix (2011), the skewed nature of firm size distributions implies that idiosyncratic (and independent) firm-level shocks may account for a significant portion of aggregate...
Persistent link: https://www.econbiz.de/10011873811
Do fiscal stabilization policies affect the long-term growth of the economy? If so, are the long-term effects growth-enhancing or growth-reducing? These questions have again become relevant to the political and academic debate since governments have been forced to spend considerable funds for...
Persistent link: https://www.econbiz.de/10013020873
-term growth and welfare in a currency union that faces fiscal rule constraints and inequality. To address this ongoing government …, inequality, and welfare depends on the type of fiscal policy adopted by government to fund it, notably the trade-off between … completely eliminating oil subsidies appears to be the best policy for reducing inequality while increasing growth and welfare …
Persistent link: https://www.econbiz.de/10014414077
This paper analyses how inequality across counties in the United States of America has shaped the impact of the COVID …-level inequality at the start of the pandemic. The results show that more stringent measures to contain the pandemic were instrumental … in driving the incidence of protests, but only in counties with high levels of inequality before the start of the …
Persistent link: https://www.econbiz.de/10012489787
In this work we analyze the short- and long-run effects of fiscal austerity policies, employing an agent-based model populated by heterogeneous, boundedly-rational firms and banks. The model, in line with the family of "Keynes+Schumpeter" formalism, is able to account for a wide array of macro...
Persistent link: https://www.econbiz.de/10010437048
impacts of climate change and natural disasters on firms, banks and other financial institutions call for a prompt policy …
Persistent link: https://www.econbiz.de/10012436318
positive GDP growth of China, which suggests that within-country inequality in the world's most populous country might have not …GDP contractions are typically associated with within-country income inequality increases. While official income … inequality data for 2020 will not be available for about two years, the already available employment data for 2020 shows that the …
Persistent link: https://www.econbiz.de/10012507140
Though climate physical and transition risks will likely affect socio-economic dynamics along any transition pathways, their unfolding is still poorly understood. This also affects the development of climate-change policies to achieve sustainable growth. In this paper, we discuss a series of...
Persistent link: https://www.econbiz.de/10013489751
Persistent link: https://www.econbiz.de/10012050765
origins of the theory of money and its role in contemporary monetary economics. Second, he briefly discusses current … in agent-based models of the banking-macro nexus. -- 20th century origins of the theory of money ; Schumpeterian credit …
Persistent link: https://www.econbiz.de/10009683036