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The Great Lockdown : Pandemic Response Policies and Bank Lending Conditions
Altavilla, Carlo - 2020
of new coronavirus (COVID-19) pandemic. We focus on monetary, microprudential and macroprudential policies designed …
Persistent link: https://www.econbiz.de/10012823403
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Modeling the Consumption Response to the Cares Act
Carroll, Chris - 2020
households to past consumption stimulus packages. The extension allows us to account for two novel features of the coronavirus … crisis. First, during the lockdown, many types of spending are undesirable or impossible. Second, some of the jobs that … disappear during the lockdown will not reappear when it is lifted. We estimate that, if the lockdown is short-lived, the …
Persistent link: https://www.econbiz.de/10012828886
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The COVID-19 Crisis and Consumption : Survey Evidence from Six EU Countries
Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, … - 2021
Using new panel data from a representative survey of households in the six largest euro area economies, the paper estimates the impact of the Covid-19 crisis on consumption. The panel provides, each month, household-specific indicators of the concern about finances due to Covid-19 from the first...
Persistent link: https://www.econbiz.de/10013250916
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Optimal level of government debt - matching wealth inequality and the fiscal sector
Vogel, Edgar - 2014
We calibrate an incomplete markets large scale OLG model to the US income and wealth distribution and examine the effects of alternative government debt levels and adjustment policies on macroeconomic aggregates and welfare. We find that the government should hold negative debt. Due to the high...
Persistent link: https://www.econbiz.de/10011605710
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Optimal Level of Government Debt - Matching Wealth Inequality and the Fiscal Sector
Vogel, Edgar - 2014
We calibrate an incomplete markets large scale OLG model to the US income and wealth distribution and examine the effects of alternative government debt levels and adjustment policies on macroeconomic aggregates and welfare. We find that the government should hold negative debt. Due to the high...
Persistent link: https://www.econbiz.de/10013056838
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The Anatomy of Consumption in a Household Foreign Currency Debt Crisis
Gyöngyösi, Győző; Rariga, Judit; Verner, Emil - 2022
How do households adjust to a large debt shock? This paper studies household responses to a revaluation of foreign currency household debt during a large depreciation in Hungary. Relative to similar local currency debtors, foreign currency debtors reduce consumption expenditures approximately...
Persistent link: https://www.econbiz.de/10014239455
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Check in the Mail or More in the Paycheck : Does the Effectiveness of Fiscal Stimulus Depend on How it is Delivered?
Sahm, Claudia R. - 2011
Recent fiscal policies have aimed to stimulate household spending. In 2008, most households received one-time economic stimulus payments. In 2009, most working households received the Making Work Pay tax credit in the form of reduced withholding; other households, mainly retirees, received...
Persistent link: https://www.econbiz.de/10013130153
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Consumption Response to Minimum Wages : Evidence from Chinese Households
Dautović, Ernest - 2020
The paper evaluates the impact of the Chinese minimum wage policy on consumption of low-wage households for the period 2002-2009. Using a representative household panel, we find that the consumption response to minimum wage income shock is increasing in the minimum wage share of household income...
Persistent link: https://www.econbiz.de/10012846449
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Firm Responses to Employment Subsidies : A Regression Discontinuity Approach to the 2012 Spanish Labour Market Reform
Gamberoni, Elisa - 2017
This study focuses on the employment effect of a hiring subsidy available to firms with less than 50 employees, granted in the context of the 2012 Spanish labour market reform. Exploiting the arbitrary firm size threshold using regression discontinuity design, estimates show on average 2...
Persistent link: https://www.econbiz.de/10012965549
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Labour Tax Reforms, Cross-Country Coordination and the Monetary Policy Stance in the Euro Area : A Structural Model-Based Approach
Jacquinot, Pascal - 2018
We evaluate the effects of permanently reducing labour tax rates in the euro area (EA) by simulating a large-scale open economy dynamic general equilibrium model. The model features the EA as a monetary union, split in two regions (Home and the rest of the EA - REA), the US, and the rest of the...
Persistent link: https://www.econbiz.de/10012928551