Essays in macroeconomic theory and optimal policies

This thesis contributes to modern macroeconomic theory. It is composed of three chapters that investigate the role of household heterogeneity and the design of monetary and fiscal policies in shaping macroeconomic outcomes. Lees verder

This thesis contributes to modern macroeconomic theory. It is composed of three chapters that investigate the role of household heterogeneity and the design of monetary and fiscal policies in shaping macroeconomic outcomes.
The first chapter studies the link between labour market risks and equilibrium in the market for durable goods. It develops a quantitative model in which households optimally choose nondurable consumption, the accumulation of durable goods, and holdings of financial assets. The model is used to show that, when unemployment risk increases, precautionary savings motives and the implied portfolio rebalancing towards liquid assets lead to decreases in the resale price of durables, a feature that is consistent with empirical observations.
The second chapter investigates the properties of optimal taxes and transfers in a framework where household heterogeneity is explicitly accounted for. We describe how the introduction of heterogeneity alters the prescriptions of the model when compared to its representative agent counterpart. We also propose an empirical application of the theory to show that heterogeneity brings the model predictions closer to their counterpart in the data.
The third chapter proposes a framework of optimal monetary policy in the case where government debt sustainability may be a constraint for the central bank. In the case where optimal policy exhibits « debt concerns » monetary policy becomes subservient to fiscal policy, and needs to partially give up on the objective of stabilizing inflation and the output gap. We link our results to the ones obtained in the literature on monetary and fiscal policy interactions, in which policies are usually summarized by exogenous feedback-rules. Applications of our theory to concrete policy scenarios are also provided.


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Gegevens


Uitgever
Presses universitaires de Louvain
Auteur
Boris Chafwehé,
Set
Taal
Engels
BISAC Subject Heading
BUS039000 BUSINESS & ECONOMICS / Economics / Macroeconomics
BIC subject category (UK)
KCB Macroeconomics
Onix Audience Codes
06 Professional and scholarly
CLIL (2013)
3328 Macroéconomie
Voor het eerst gepubliceerd
01 april 2021
Subject Scheme Identifier Code
: Macro-économie

Paperback


Publicatie datum
01 april 2021
ISBN-13
9782390611202
Omvang
Aantal pagina's hoofdinhoud : 238
Code
101886
Formaat
16 x 24 cm
Gewicht
386 grams
Packaging Type
No outer packaging
Aanbevolen verkoopprijs
20,00 €
ONIX XML
Version 2.1, Version 3

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Introduction 1
1 Durable Goods and Household Heterogeneity 5
2 Taxes, Transfers and Household Heterogeneity 61
3 Monetary Policy with and without Debt 117
Conclusions 209