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Households’ balance sheets and the effect of fiscal policy

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Households’ balance sheets and the effect of fiscal policy

dc.contributor.author	Andrés, Javier
dc.contributor.author	Boscá, José Emilio
dc.contributor.author	Ferri, Javier
dc.contributor.author	Fuentes Albero, Cristina
dc.date.accessioned	2023-06-23T07:32:13Z
dc.date.available	2023-06-24T04:45:06Z
dc.date.issued	2022	es_ES
dc.identifier.citation	Andrés, J.; Bosá, J. M.; Ferri, J.; Fuentes Albero, C. (2022). Household's balance sheets and the effect of fiscal policy. Journal of Money, Credit and Banking, 54 (5), 737-778.	es_ES
dc.identifier.uri	https://hdl.handle.net/10550/88522
dc.description.abstract	Using households' balance-sheet composition in the Panel Survey of Income Dynamics, we identify six household types. Since 1999, there has been a decline in the share of patient households and an increase in the share of impatient households with negative wealth. Using a six-agent New Keynesian model with search and matching frictions, we explore how changes in households' shares affect the transmission of government spending shocks. We show that the relative share of households in the left tail of the wealth distribution plays a key role in the aggregate marginal propensity to consume, the magnitude of fiscal multipliers, and the distributional consequences of government spending shocks. While the output and consumption multipliers are positively correlated with the share of households with negative wealth, the size of the employment multiplier is negatively correlated. Moreover, our calibrated model can deliver jobless fiscal expansions.	es_ES
dc.language.iso	en	es_ES
dc.publisher	Wiley	es_ES
dc.subject	fiscal policy	es_ES
dc.subject	household balance sheet	es_ES
dc.subject	panel survey of income dynamics	es_ES
dc.subject	six-agent New Keynesian model	es_ES
dc.subject	search and matching	es_ES
dc.title	Households’ balance sheets and the effect of fiscal policy	es_ES
dc.type	journal article	es_ES
dc.subject.unesco	UNESCO::CIENCIAS ECONÓMICAS	es_ES
dc.identifier.doi	DOI: 10.1111/jmcb.12902	es_ES
dc.accrualmethod	S	es_ES
dc.embargo.terms	0 days	es_ES
dc.type.hasVersion	VoR	es_ES
dc.rights.accessRights	open access	es_ES