price stability, it implies a reduction in liquidity constrained consumers' welfare, in the absence of redistributive fiscal …

reduction in liquidity constrained consumers welfare, in the absence of a redistributive fiscal policy. The model also implies …

welfare losses for Ricardian, while liquidity constrained consumers experience welfare gains with respect to Ramsey. …

welfare losses for Ricardian, while liquidity constrained consumers experience welfare gains with respect to Ramsey. …

welfare losses for Ricardian, while liquidity constrained consumers experience welfare gains with respect to Ramsey. …

in the assets market and ‘liquidity constrained’ consumers, who spend all their disposable labor income for consumption …. We find that not only the different game structures but mainly the presence of ‘liquidity constrained’ consumers is … crucial in determining the optimal responses of policies. In particular, for high enough fractions of liquidity constrained …