Public Debt and Redistribution with Borrowing Constraints
In: The economic journal: the journal of the Royal Economic Society, Band 123, Heft 566, S. F64-F98
ISSN: 1468-0297
41 Ergebnisse
Sortierung:
In: The economic journal: the journal of the Royal Economic Society, Band 123, Heft 566, S. F64-F98
ISSN: 1468-0297
In: NBER Working Paper No. w17489
SSRN
In: Journal of Monetary Economics, Band 126, S. 154-169
In: CEPR Discussion Paper No. DP14118
SSRN
Working paper
In: Journal of political economy, Band 120, Heft 2, S. 304-345
ISSN: 1537-534X
In: NBER Working Paper No. w14383
SSRN
In: NBER Working Paper No. w13646
SSRN
In: NBER Working Paper No. w13199
SSRN
Using vector autoregressions on U.S. time series for 1957-1979 and 1983-2004, we find government spending shocks to have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this observation within a DSGE model featuring price rigidities and limited asset market participation. Specifically, we estimate the structural parameters of the model for both samples by matching impulse responses. Model-based counterfactual experiments suggest that increased asset market participation accounts for some of the changes in fiscal transmission. However, the key quantitative factor appears to be the more active monetary policy of the Volcker-Greenspan period.
BASE
World Affairs Online
In: NBER macroeconomics annual, Band 22, S. 299-379
ISSN: 1537-2642