Using a new narrative measure of fiscal policy shocks for the UK, we show that households
with mortgage debt exhibit large and significant consumption responses to tax changes …

Historically, large changes in US government spending induced fiscal efforts that were not
all alike, with some using more progressive taxes than others. We develop a heterogeneous …

This paper studies empirical facts regarding the effects of unexpected changes in aggregate
macroeconomic fiscal policies on consumers that differ depending on individual …

This paper sheds new light on the interactions between business cycles and the
consumption distribution. We use CEX consumption data and a factor model to characterize …

Government spending shocks have substantially different effects on consumers across the
income distribution: consumption increases for the poor whereas it decreases for the rich in …

This article studies a labor‐supply‐side channel affecting the relationship between monetary
policy and income inequality. To this end, I build a heterogeneous‐agent New Keynesian …

We document substantial heterogeneity in occupational employment dynamics in response
to government spending shocks in the United States. Employment rises most strongly in …

Motivated by the sharp increases in public spending following the global financial crisis, we
employ the GMM Panel VAR approach at annual frequency between 2004 and 2014 to …

We study the impact of government spending shocks on the distribution of income and
wealth between cohorts and the associated welfare effects in a dynamic stochastic …

This study explores the welfare and distributional effects of fiscal volatility using a
neoclassical stochastic growth model with incomplete markets. In our model, households …