We measure the size of the fiscal multiplier using a heterogeneous agents model with incomplete markets, capital and rigid prices and wages. This environment captures all elements that are considered essential for a quantitative analysis. First, output is (partially) demand determined due to pricing frictions in product and labor markets, so that a fiscal stimulus increases aggregate demand. Second, incomplete markets deliver a realistic distribution of the marginal propensity to consume across the population, whereas all households counterfactually behave according to the permanent income hypothesis if markets are complete. Here, poor households feature high MPCs and thus tend to spend a large fraction of the additional income that arises ...
We develop a general theory of state-dependent fiscal multipliers in a framework featuring interacti...
Does it matter, for the size of the government spending multiplier, which category of agents bears t...
We contribute to the intense debate on the real effects of fiscal stimuli by showing that the impact...
We measure the size of the fiscal multiplier using a heterogeneous agents model with incomplete mark...
We measure the size of the fiscal multiplier using a heterogeneous agents model with incomplete mark...
We measure the size of the fiscal multiplier using a heterogeneous agents model with incomplete mark...
We measure the size of the fiscal multiplier using a heterogeneous agents model with incomplete mark...
This paper studies the behavior of fiscal multipliers in two different economic environments: comple...
Several contributions have recently assessed the size of fiscal multipliers both in RBC models and N...
Although recent studies identified the percentage of constrained agents as the crucial force driving...
Although recent studies identified the percentage of constrained agents as the crucial force driving...
We build an agent-based model to study how fiscal multipliers can change over the business cycle. Ou...
We study the size of government spending multipliers in a general equilibrium model with search and ...
Although recent studies identified the percentage of constrained agents as the crucial force driving...
We generalize a simple New Keynesian model and show that a flattening of the Phillips curve reduces ...
We develop a general theory of state-dependent fiscal multipliers in a framework featuring interacti...
Does it matter, for the size of the government spending multiplier, which category of agents bears t...
We contribute to the intense debate on the real effects of fiscal stimuli by showing that the impact...
We measure the size of the fiscal multiplier using a heterogeneous agents model with incomplete mark...
We measure the size of the fiscal multiplier using a heterogeneous agents model with incomplete mark...
We measure the size of the fiscal multiplier using a heterogeneous agents model with incomplete mark...
We measure the size of the fiscal multiplier using a heterogeneous agents model with incomplete mark...
This paper studies the behavior of fiscal multipliers in two different economic environments: comple...
Several contributions have recently assessed the size of fiscal multipliers both in RBC models and N...
Although recent studies identified the percentage of constrained agents as the crucial force driving...
Although recent studies identified the percentage of constrained agents as the crucial force driving...
We build an agent-based model to study how fiscal multipliers can change over the business cycle. Ou...
We study the size of government spending multipliers in a general equilibrium model with search and ...
Although recent studies identified the percentage of constrained agents as the crucial force driving...
We generalize a simple New Keynesian model and show that a flattening of the Phillips curve reduces ...
We develop a general theory of state-dependent fiscal multipliers in a framework featuring interacti...
Does it matter, for the size of the government spending multiplier, which category of agents bears t...
We contribute to the intense debate on the real effects of fiscal stimuli by showing that the impact...