×

Fiscal multipliers: a heterogenous-agent perspective. (English) Zbl 07766859


MSC:

91-XX Game theory, economics, finance, and other social and behavioral sciences

References:

[1] Auclert, Adrien, BenceBardóczy, and MatthewRognlie (2023), “MPCs, MPEs and multipliers: A trilemma for new Keynesian models.” The Review of Economics and Statistics, 105 (3), 700-712.
[2] Auclert, Adrien, MatthewRognlie, and LudwigStraub (2018), “The intertemporal Keynesian cross.” NBER Working paper 25020.
[3] Beraja, Martin, ErikHurst, and JuanOspina (2019), “The aggregate implications of regional business cycles.” Econometrica, 87 (6), 1789-1833. · Zbl 1448.91169
[4] Bilbiie, Florin O. (2008), “Limited asset markets participation, monetary policy and (inverted) aggregate demand logic.” Journal of Economic Theory, 140 (1), 162-196. · Zbl 1136.91414
[5] Bilbiie, Florin O. (2011), “Nonseparable preferences, frisch labor supply, and the consumption multiplier of government spending: One solution to a fiscal policy puzzle.” Journal of Money, Credit and Banking, 43 (1), 221-251.
[6] Bilbiie, Florin O. (2020), “The new Keynesian cross.” Journal of Monetary Economics, 114, 90-108.
[7] Björklund, Maria, MikaelCarlsson, and Oskar NordströmSkans (2019), “Fixed wage contracts and monetary non‐neutrality.” American Economic Journal: Macroeconomics, 11 (2), 171-192.
[8] Broer, Tobias, Niels‐JakobHarbo Hansen, PerKrusell, and ErikÖberg (2020), “The new Keynesian transmission mechanism: A heterogeneous‐agent perspective.” The Review of Economic Studies, 87 (1), 77-101. · Zbl 1501.91115
[9] Broer, Tobias, KarlHarmenberg, PerKrusell, and ErikÖberg (2020), “Macroeconomic dynamics with rigid wage contracts.” American Economic Review: Insights, 5 (1), 55-72.
[10] Broer, Tobias, PerKrusell, and ErikÖberg (2021), “Fiscal multipliers: A heterogenous‐agent perspective.” NBER Working Paper 28366.
[11] Broer, Tobias, PerKrusell, and ErikÖberg (2023), “Supplement to ‘Fiscal multipliers: A heterogenous‐agent perspective’.” Quantitative Economics Supplemental Material, 14, https://doi.org/10.3982/QE1901. · Zbl 07766859 · doi:10.3982/QE1901
[12] Calvo, Guillermo A. (1983), “Staggered prices in a utility‐maximizing framework.” Journal of Monetary Economics, 12 (3), 383-398.
[13] Cantore, Cristiano and Lukas B.Freund (2021), “Workers, capitalists, and the government: Fiscal policy and income (re)distribution.” Journal of Monetary Economics, 119, 58-74.
[14] Christiano, Lawrence J., MartinEichenbaum, and Sergio T.Rebelo (2011), “When is the government spending multiplier large?” Journal of Political Economy, 119 (1), 78-121.
[15] Colciago, Aandrea (2011), “Rule‐of‐thumb consumers meet sticky wages.” Journal of Money, Credit and Banking, 43 (2-3), 325-353.
[16] Eggertsson, Gauti B. (2011), “What fiscal policy is effective at zero interest rates?” NBER Macroeconomics Annual 2010, 25, 59-112.
[17] Erceg, Christopher J., Dale W.Henderson, and Andrew T.Levin (2000), “Optimal monetary policy with staggered wage and price contracts.” Journal of Monetary Economics, 46 (2), 281-313.
[18] Farhi, Emmanuel and IvánWerning (2016), “Fiscal multipliers: Liquidity traps and currency unions.” In Handbook of Macroeconomics, Vol. 2, 2417-2492.
[19] Galí, Jordi (2008), Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework. Princeton University Press, Princeton, NJ.
[20] Galí, Jordi, J. DavidLopez‐Salido, and JavierValles (2004), “Rule‐of‐thumb consumers and the design of interest rate rules.” Journal of Money, Credit, and Banking, 36 (4), 739-763.
[21] Hagedorn, Marcus, IouriiManovskii, and KurtMitman (2019), “The fiscal multiplier.” National Bureau of Economic Research.
[22] Huggett, Mark (1993), “The risk‐free rate in heterogeneous‐agent incomplete‐insurance economies.” Journal of Economic Dynamics and Control, 17 (5-6), 953-969. · Zbl 0784.90018
[23] Kaplan, Greg and Giovanni L.Violante (2018), “Microeconomic heterogeneity and macroeconomic shocks.” Journal of Economic Perspectives, 32, 167-194.
[24] King, Robert G., Charles I.Plosser, and Sergio T.Rebelo (1988), “Production, growth and business cycles.” Journal of Monetary Economics, 21 (2-3), 195-232.
[25] Krusell, Per, ToshihikoMukoyama, and Anthony A.Smith (2011), “Asset prices in a Huggett economy.” Journal of Economic Theory, 146 (3), 812-844. · Zbl 1246.91052
[26] Kuhn, Moritz and Jose‐VictorRios‐Rull (2016), “2013 update on the US earnings, income, and wealth distributional facts: A view from macroeconomics.” Federal Reserve Bank of Minneapolis Quarterly Review, 37 (1).
[27] MaCurdy, Thomas E. (1981), “An empirical model of labor supply in a life‐cycle setting.” Journal of Political Economy, 89 (6), 1059-1085.
[28] McKay, Alisdair and RicardoReis (2017), “Optimal automatic stabilizers.” Report.
[29] Olivei, Giovanni and SilvanaTenreyro (2007), “The timing of monetary policy shocks.” American Economic Review, 97 (3), 636-663.
[30] Olivei, Giovanni and SilvanaTenreyro (2010), “Wage‐setting patterns and monetary policy: International evidence.” Journal of Monetary Economics, 57 (7), 785-802.
[31] Ravn, Morten O. and VincentSterk (2021), “Macroeconomic fluctuations with Hank & Sam: An analytical approach.” Journal of the European Economic Association, 19 (2), 1162-1202.
[32] Rotemberg, Julio J. (1982), “Sticky prices in the United States.” Journal of Political Economy, 90 (6), 1187-1211.
[33] Werning, Iván (2015), “Incomplete markets and aggregate demand.” Report.
[34] Woodford, Michael (2011), “Simple analytics of the government spending multiplier.” American Economic Journal: Macroeconomics, 3, 1-35.
This reference list is based on information provided by the publisher or from digital mathematics libraries. Its items are heuristically matched to zbMATH identifiers and may contain data conversion errors. In some cases that data have been complemented/enhanced by data from zbMATH Open. This attempts to reflect the references listed in the original paper as accurately as possible without claiming completeness or a perfect matching.