Pokaż uproszczony rekord

Heterogeneity of households and the effects of fiscal policy in CEE countries

dc.contributor.authorKrajewski, Piotr
dc.date.accessioned2016-06-08T08:05:22Z
dc.date.available2016-06-08T08:05:22Z
dc.date.issued2016
dc.identifier.urihttp://hdl.handle.net/11089/18265
dc.description.abstractWe analyse the effects of fiscal policy in non-EMU Central and Eastern European counties. The analysis is based on new Keynesian model, which takes into account both optimizing Ricardian households and non-Ricardian households with liquidity constraints. Results of the study indicate that the share of non-Ricardians has significant impact on fiscal multipliers. The government spending multiplier reaches 3 in the country with highest share of non- Ricardian households, whereas in the country with lowest share of non-Ricardians is lower than one. Also effects of government spending shocks on consumption are very sensitive to the share of households with liquidity constraints.pl_PL
dc.description.sponsorshipNational Science Centre, Poland (within research project DEC-2014/15/B/HS4/01996).pl_PL
dc.language.isoen_USpl_PL
dc.publisherFaculty of Economics and Sociology of the University of Lodzpl_PL
dc.relation.ispartofseriesLodz Economics Working Papers;2/2016
dc.rightsUznanie autorstwa-Użycie niekomercyjne-Bez utworów zależnych 3.0 Polska*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/pl/*
dc.subjectfiscal policypl_PL
dc.subjectgovernment spendingpl_PL
dc.subjectnew Keynesian modelpl_PL
dc.subjectheterogeneity of householdspl_PL
dc.subjectnon-Ricardian householdspl_PL
dc.titleHeterogeneity of households and the effects of fiscal policy in CEE countriespl_PL
dc.contributor.authorAffiliationFaculty of Economics and Sociology, University of Lodzpl_PL
dc.referencesAndersson, F. (2010): The lambda model and "rule of thumb" consumers: An estimation problem in existing studies, Journal of Socio-Economics, 40(3): 217–334.pl_PL
dc.referencesBaranowski P. (2011), Monetary policy rule for Poland – results for various specifications, Oeconomia Copernicana, 2(3): 5-21.pl_PL
dc.referencesBethlendi, A. (2009): Consumption and savings of Hungarian households. The importance of credit market, Acta Oeconomica, 49(1): 23-55pl_PL
dc.referencesBrumberg, R. – Modigliani, F. (1954): Utility analysis and the consumption function: An interpretation of cross-section data. Post Keynesian Economics, in K.K. Kurihara (ed.), Post-Keynesian Economics, New Brunswick, NJ Rutgers University Press, 388–436.pl_PL
dc.referencesCalvo, G. (1983): Straggered Prices in a Utility-Maximizing Framework, Journal of Monetary Economics, 12: 383-398.pl_PL
dc.referencesCampbell, J.Y. – Mankiw, N.G. (1989): Consumption, Income, and Interest Rates: Reinterpreting the Time Series Evidence, in O.J. Blanchard and S. Fischer (eds.), NBER Macroeconomics Annual, MIT Press, Cambridge Mass.pl_PL
dc.referencesCoenen, G. – Straub, R. (2005): Does government spending crowd in private consumption? Theory and empirical evidence for the euro area, International Finance, 8(3): 435-470.pl_PL
dc.referencesDeaton, A. (1992): Understanding Consumption, Clarendon Lectures in Economics, Clarendon Press, Oxford.pl_PL
dc.referencesFatas, A. – Mihov, I. (2001): The Effects of Fiscal Policy on Consumption and Employment: Theory and Evidence, CEPR Discussion Papers 2760.pl_PL
dc.referencesFlavin, M. (1981): The adjustment of consumption to changing expectations about future income, The Journal of Political Economy, 89(5):974–1009.pl_PL
dc.referencesFriedman, M. (1957): A theory of the consumption function, National Bureau of Economic Research, Inc.pl_PL
dc.referencesFurceri, D. – Mourougane, A. (2010): The Effects of Fiscal Policy on Output: A DSGE Analysis, OECD Economics Department Working Papers 770, OECD Publishing.pl_PL
dc.referencesFurceri, D. – Zdzienicka, A. (2011): The real effect of financial crises in the European transition economies, Economics of Transition, 19(1): 1–25.pl_PL
dc.referencesGalí, J. – López-Salido, J.D. – Vallés, J. (2004): Rule-of-Thumb Consumers and the Design of Interest Rate Rules, Journal of Money, Credit & Banking, 36(4): 739–764.pl_PL
dc.referencesGalí, J. – López-Salido, J.D. – Vallés, J. (2007): Understanding the effects of government spending on consumption, Journal of the European Economic Association, 5(1): 227– 270.pl_PL
dc.referencesJohnson, D.S. – Parker, J. – Souleles, N. (2004): Household Expenditure and the Income Tax Rebates of 2001, NBER Working Paper 10784, September.pl_PL
dc.referencesKrajewski, P. (2012): Impact of fiscal policy on economy after accession to the euro area. The case of Poland, Journal of Modern Accounting and Auditing, 8(5): 733-739.pl_PL
dc.referencesMankiw, N.G. (2000): The Savers-Spenders Theory of Fiscal Policy, American Economic Review, 90(2): 120-125.pl_PL
dc.referencesMountford, A. – Uhlig, H. (2009): What are the effects of fiscal policy shocks?, Journal of Applied Econometrics, 24(6): 960-992.pl_PL
dc.referencesPerotti, R. (2002): Estimating the Effects of Fiscal Policy in OECD Countries, European Central Bank Working Paper, no. 168/2002.pl_PL
dc.referencesRotemberg, J. – Woodford, M. (1999): The Cyclical Behavior of Prices and Costs, in J.B. Taylor and M. Woodford (eds.), Handbook of Macroeconomics, North-Holland, Amsterdam.pl_PL
dc.referencesSmets, F. – Wouters, R. (2003): An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area, Journal of European Economic Association, 1(5): 1123-1175.pl_PL
dc.referencesStiglitz, J. – Weiss, A. (1981): Credit rationing in markets with imperfect information’, American Economic Review, 71(3): 393–410.pl_PL
dc.referencesTaylor, J.B. (1993): Discretion versus Policy Rules in Practice’, Carnegie-Rochester Conference Series on Public Policy, 39(1): 195-214.pl_PL


Pliki tej pozycji

Thumbnail
Nazwa:
LEWP 2_2016.pdf
Rozmiar:
149.4KB
Format:
PDF
Oglądaj/Otwórz
Thumbnail
Nazwa:
license_rdf
Rozmiar:
1.203KB
Format:
application/rdf+xml
Oglądaj/Otwórz

Pozycja umieszczona jest w następujących kolekcjach

Pokaż uproszczony rekord

Uznanie autorstwa-Użycie niekomercyjne-Bez utworów zależnych 3.0 Polska
Poza zaznaczonymi wyjątkami, licencja tej pozycji opisana jest jako Uznanie autorstwa-Użycie niekomercyjne-Bez utworów zależnych 3.0 Polska