We generalize the traditional, static Keynesian cross by deriving an intertemporal Keynesian
cross for the dynamic output response to government spending and taxes in microfounded …

We ask how fiscal deficits are financed in environments with two key features:(i) nominal
rigidity, and (ii) a violation of Ricardian equivalence due to finite lives or liquidity constraints …

We document racial disparities in financial well-being in the 2022 Survey of Consumer
Finances highlighting sources of changes in financial well-being over the COVID-19 …

During the COVID-19 pandemic, the Australian government allowed the withdrawal of up to
A $20,000 (around half median annual wage income) from private retirement accounts …

The COVID-19 pandemic brought about an unexpected and significant drop in Italian
household consumption, leading to a sharp increase in the propensity to save and the …

We study the consequences of shocks to the household wealth distribution in dynamic
general equilibrium by characterizing the rate at which excess wealth is depleted. Analytical …

Household savings rose above trend in many developed countries after the onset of COVID-
19. Given its link to aggregate consumption, the presence of these" excess savings" has …

When fiscal policy is active and monetary policy is passive in a heterogeneous agent New
Keynesian (HANK) model, deficit-financed transfers to low-asset households lead to similar …

What are the consequences of the preference for wealth for the accumulation of capital and
for the dynamics of wealth inequality? Assuming that wealth per se is a luxury good …

In his recent book Fiscal Policy under Low Interest Rates, Olivier Blanchard argues that
when interest rates are low, policymakers can use public debt finance to increase the …