A carregar...
Publicação
Fiscal multipliers and liquidity constraints: a hank approach
| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 2.68 MB | Adobe PDF |
Orientador(es)
Resumo(s)
Fiscal stimuli in the aftermath of COVID-19 were similar in size but generated different eco nomic responses across countries. This paper studies the role of Poor Hand-to-Mouth and
Wealthy Hand-to-Mouth agents in shaping fiscal multipliers, comparing a Heterogeneous Agents
New Keynesian Model with one and two assets, to properly account for the correct share of
liquidity-constrained agents. The findings suggest that multipliers are greater when the two asset framework is employed, but only the share of Poor Hand-to-Mouth agents is significant
to explain cross-country heterogeneity in multipliers. These results are robust to the multiplier
choice, the shock financing and the monetary policy employed.
Descrição
Palavras-chave
Fiscal multipliers Hank Liquidity constraints Hand-to-mouth agents