HAFiscal.bib

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@Misc{		  SCF2004,
  author	= {{Board of Governors of the Federal Reserve System}},
  title		= {Survey of Consumer Finances, 2004},
  year		= {2004},
  howpublished	= {\url{https://www.federalreserve.gov/econres/scfindex.htm}},
  note		= {Data files: Summary Extract Public Data (rscfp2004.dta)
		  and Full Public Data Set (p04i6.dta). Available at
		  \url{https://www.federalreserve.gov/econres/scf_2004.htm}.
		  Accessed November 2025}
}

@TechReport{	  kotsogiannisMPCs,
  title		= "{MPCs Estimated from Tax Lottery, Survey and
		  Administrative Data}",
  author	= "Kotsogiannis, Christos and Sakellaris, Plutarchos",
  abstract	= "We estimate intertemporal marginal propensities to consume
		  (iMPCs) from an unex- pected fiscal transfer using both
		  administrative and survey data for the same households.
		  Leveraging random assignment from a tax lottery, we
		  identify large causal effects of the income windfall,
		  tracking iMPCs for eight months. Revealed-preference
		  estimates from expenditure data align with
		  reported-preference survey results for the same households,
		  underscoring the validity of our data and methods. We
		  observe substantial heterogeneity in MPCs and relate it to
		  observable household characteristics. Households report a
		  higher MPC for unexpected income losses compared to gains
		  and prioritize debt repayment.",
  year		= 2024,
  url		= "https://tarc.exeter.ac.uk/collaboration/directstimuluspayments/",
  howpublished	= "Manuscript",
  institution	= "Athens University of Economics and Business"
}

@Article{	  crawley2024parsimonious,
  title		= {A Parsimonious Model of Idiosyncratic Income},
  author	= {Crawley, Edmund and Holm, Martin B. and Tretvoll,
		  H{\aa}kon},
  year		= {2024},
  month		= {September},
  type		= {Working paper},
  journal	= {Board of Governors of the Federal Reserve System}
}

@Article{	  Lian2023-ca,
  title		= "Mistakes in future consumption, high {MPCs} now",
  author	= "Lian, Chen",
  journal	= "American Economic Review: Insights",
  publisher	= "American Economic Association",
  volume	= 5,
  number	= 4,
  pages		= "563--581",
  abstract	= "In a canonical intertemporal consumption model, future
		  consumption mistakes (in response to saving changes) lead
		  to higher current marginal propensities to consume (MPCs).
		  These mistakes increase the value of changing current
		  consumption relative to changing saving, as additional
		  saving will not be spent optimally. Various behavioral
		  biases can cause these mistakes, such as inattention,
		  present bias, diagnostic expectations, and near-rationality
		  (epsilon-mistakes). This result helps explain the empirical
		  puzzle of high-liquidity consumers’ high MPCs. In my
		  approach, predictions of sophistication (anticipation of
		  future mistakes) can be derived independently of the
		  underlying biases. (JEL D15, D91, E21)",
  month		= dec,
  year		= 2023,
  language	= "en"
}

@TechReport{	  broer2025stimulus,
  title		= {Stimulus Effects of Common Fiscal Policies},
  author	= {Broer, Tobias and Druedahl, Jeppe and Harmenberg, Karl and
		  {\"O}berg, Erik},
  year		= {2025},
  type		= {Discussion Paper},
  number	= {19823},
  institution	= {Center for Economic Policy Research}
}

@Article{	  ansQuickfix,
  title		= "{Quick-fixing: Near-rationality in consumption and savings
		  behavior}",
  author	= "Andre, Peter and Flynn, Joel and Nikolakoudis, Georgios
		  and Sastry, Karthik",
  journal	= "SSRN Electronic Journal",
  month		= feb,
  year		= 2025,
  url		= "http://www.nber.org/papers/w33464.pdf",
  file		= "All-Papers/Other/Andre-et-al-Quick-fixing-Near-rationality-in-consumption-and-savings-behavior.pdf",
  doi		= "10.3386/w33464",
  issn		= "1556-5068"
}

@Article{	  Ravn2021,
  title		= "{Macroeconomic Fluctuations with HANK \& SAM: an
		  Analytical Approach}",
  author	= "Ravn, Morten O and Sterk, Vincent",
  journal	= "Journal of the European Economic Association",
  volume	= 19,
  pages		= "1162--1202",
  month		= jun,
  year		= 2021,
  publisher	= {Oxford University Press}
}

@Article{	  boehm2025fivefacts,
  author	= {Boehm, Johannes and Fize, Etienne and Jaravel, Xavier},
  title		= {Five Facts about MPCs: Evidence from a Randomized
		  Experiment},
  journal	= {American Economic Review},
  volume	= {115},
  number	= {1},
  year		= {2025},
  month		= {January},
  pages		= {1–42},
  doi		= {10.1257/aer.20240138},
  url		= {https://www.aeaweb.org/articles?id=10.1257/aer.20240138}
}

@Article{	  gravesUnemployment,
  title		= "{Does unemployment risk affect business cycle dynamics?}",
  author	= "Graves, Sebastian",
  journal	= "American Economic Journal Macroeconomics",
  abstract	= "In this paper, I show that the decline in household
		  consumption during unemployment spells depends on both
		  liquid and illiquid asset positions. I also provide
		  evidence that unemployment spells predict the withdrawal of
		  illiquid assets, particularly when households have few
		  liquid assets. Motivated by these findings, I embed
		  endogenous unemployment risk in a two-asset
		  heterogeneous-agent New Keynesian model. The model is
		  consistent with the above evidence and provides a new
		  propagation mechanism for aggregate shocks due to a
		  flight-to-liquidity that occurs when unemployment risk
		  rises. This mechanism implies that unemployment insurance
		  plays an important role as an automatic stabilizer,
		  particularly when monetary policy is constrained.",
  month		= sep,
  year		= 2024,
  url		= "https://www.federalreserve.gov/econres/ifdp/files/ifdp1298.pdf",
  doi		= "10.17016/IFDP.2020.1298",
  issn		= "1945-7707,1945-7715"
}

@Article{	  ilutEconomic,
  title		= "Economic Agents as Imperfect Problem Solvers",
  author	= "Ilut, Cosmin and Valchev, Rosen",
  journal	= "Q. J. Econ.",
  publisher	= "Oxford Academic",
  volume	= 138,
  number	= 1,
  pages		= "313--362",
  abstract	= "Abstract. We develop a novel bounded rationality model of
		  imperfect reasoning as the interaction between automatic
		  (System 1) and analytical (System 2) thinking",
  month		= dec,
  year		= 2022,
  url		= "https://www.nber.org/papers/w27820"
}

@Article{	  cohenDisemployment,
  title		= "{Disemployment effects of unemployment insurance: A
		  meta-analysis}",
  author	= "Cohen, Jonathan and Ganong, Peter",
  journal	= "SSRN Electronic Journal",
  publisher	= "Elsevier BV",
  year		= 2024,
  url		= "https://www.nber.org/papers/w32832",
  file		= "All-Papers/HAFiscal/Cohen+Ganong-Disemployment-effects-of-unemployment-insurance-A-meta-analysis.pdf",
  doi		= "10.2139/ssrn.4929511",
  issn		= "1556-5068",
  language	= "en"
}

@TechReport{	  carroll2023welfare,
  title		= {Welfare and Spending Effects of Consumption Stimulus
		  Policies},
  author	= {Carroll, Christopher and Crawley, Edmund and Frankovic,
		  Ivan and Tretvoll, H{\aa}kon},
  year		= {2023},
  institution	= {Board of Governors of the Federal Reserve System},
  type		= {Finance and Economics Discussion Series},
  number	= {2023-002},
  address	= {Washington},
  doi		= {10.17016/FEDS.2023.002}
}

@Article{	  melcangiStock,
  title		= {Stock market participation, inequality, and monetary
		  policy},
  author	= {Melcangi, Davide and Sterk, Vincent},
  journal	= {Review of Economic Studies},
  pages		= {rdae068},
  year		= {2024},
  publisher	= {Oxford University Press UK}
}

@Article{	  cstwMPC,
  author	= {Christopher D. Carroll and Jiri Sla{\-}calek and Kiichi
		  To{\-}ku{\-}o{\-}ka and Matt{\-}hew N. White},
  journal	= {Quantitative Economics},
  month		= {November},
  note		= {At \url{https://llorracc.github.io/cstwMPC}},
  pages		= {977--1020},
  title		= {The Dis{\-}tri{\-}bu{\-}tion of Wealth and the
		  Mar{\-}gi{\-}nal Pro{\-}pen{\-}si{\-}ty to Con{\-}sume},
  volume	= {8},
  year		= {2017},
  doi		= {10.3982/QE694},
  url		= {http://onlinelibrary.wiley.com/doi/10.3982/QE694/pdf},
  number	= {3},
  keywords	= {Wealth distribution, marginal propensity to consume,
		  heterogeneity, inequality, D12, D31, D91, E21},
  eprint	= {https://onlinelibrary.wiley.com/doi/pdf/10.3982/QE694},
  abstract	= {In a model calibrated to match micro- and macroeconomic
		  evidence on household income dynamics, we show that a
		  modest degree of heterogeneity in household preferences or
		  beliefs is sufficient to match empirical measures of wealth
		  inequality in the United States. The
		  heterogeneity-augmented model's predictions are consistent
		  with microeconomic evidence that suggests that the annual
		  marginal propensity to consume (MPC) is much larger than
		  the roughly 0.04 implied by commonly used macroeconomic
		  models (even ones including some heterogeneity). The high
		  MPC arises because many consumers hold little wealth
		  despite having a strong precautionary motive. Our model
		  also plausibly predicts that the aggregate MPC can differ
		  greatly depending on how the shock is distributed across
		  households (depending, e.g., on their wealth, or employment
		  status).}
}

@Article{	  hkpMemorable,
  title		= "{On the welfare cost of consumption fluctuations in the
		  presence of memorable goods}",
  author	= "Hai, Rong and Krueger, Dirk and Postlewaite, Andrew",
  journal	= "Quantitative economics",
  publisher	= "The Econometric Society",
  volume	= 11,
  number	= 4,
  pages		= "1177--1214",
  abstract	= "We propose a new category of consumption goods, memorable
		  goods, that generate a utility flow even after physical
		  consumption. Empirically, memorable goods expenditures
		  exhibit frequent zero monthly purchases and lumpy
		  expenditure spikes. Memorable goods expenditures are 20\%
		  the size of nondurable expenditures, but three times as
		  volatile. We then develop a consumption-savings model with
		  borrowing constraints and income risk that formalizes the
		  notion of memorable goods and distinguishes them from other
		  nondurable goods. We show that consumers optimally choose
		  lumpy consumption of memorable goods. We then measure the
		  welfare cost of consumption fluctuations using our
		  calibrated model and empirically evaluate our calibrated
		  model's predictions for the consumption response to
		  predictable income changes. We find that the welfare cost
		  of household-level consumption fluctuations induced by
		  income shocks fall from 20.4 to 12.3 percentage points if
		  memorable goods are accounted for, and that empirical
		  estimates of excess sensitivity of consumption may
		  significantly be driven by memorable goods expenditures.",
  year		= 2020,
  url		= "http://dx.doi.org/10.3982/qe1173",
  file		= "All-Papers/HAFiscal/Hai-et-al-On-the-welfare-cost-of-consumption-fluctuations-in-the-presence-of-memorable-goods.pdf",
  doi		= "10.3982/qe1173",
  issn		= "1759-7323,1759-7331",
  language	= "en"
}

@Article{	  indarte2024explains,
  title		= {What Explains the Consumption Decisions of Low-Income
		  Households?},
  author	= {Indarte, Sasha and Kluender, Raymond and Malmendier,
		  Ulrike and Stepner, Michael},
  year		= {2024},
  type		= {working paper},
  institution	= {University of Pennsylvania},
  journal	= {Department of Economics}
}

@Article{	  Auclert2021,
  author	= {Auclert, Adrien and Bardóczy, Bence and Rognlie, Matthew
		  and Straub, Ludwig},
  title		= {Using the Sequence-Space Jacobian to Solve and Estimate
		  Heterogeneous-Agent Models},
  journal	= {Econometrica},
  volume	= {89},
  number	= {5},
  pages		= {2375--2408},
  keywords	= {Computational methods, general equilibrium, heterogeneous
		  agents, linearization},
  doi		= {https://doi.org/10.3982/ECTA17434},
  url		= {https://onlinelibrary.wiley.com/doi/abs/10.3982/ECTA17434},
  year		= {2021},
  institution	= {Stanford University}
}

@TechReport{	  arsJumpsHumps,
  abstract	= {We estimate a Heterogeneous-Agent New Keynesian model with
		  sticky household expectations that matches existing
		  microeconomic evidence on marginal propensities to consume
		  and macroeconomic evidence on the impulse response to a
		  monetary policy shock. Our estimated model uncovers a
		  central role for investment in the transmission mechanism
		  of monetary policy, as high MPCs amplify the investment
		  response in the data. This force also generates a
		  procyclical response of consumption to investment shocks,
		  leading our model to infer a central role for these shocks
		  as a source of business cycles.},
  author	= {Adrien Auclert and Matthew Rognlie and Ludwig Straub},
  note		= {Revise and resubmit at American Economic Review},
  title		= {Micro Jumps, Macro Humps: Monetary Policy and Business
		  Cycles in an Estimated HANK Model},
  url		= {https://scholar.harvard.edu/straub/publications/jumps-humps},
  journal	= {Revise and Resubmit, American Economic Review},
  institution	= {Stanford University},
  year		= 2020
}

@Article{	  Blanchard2010,
  author	= {Blanchard, Olivier and Galí, Jordi},
  title		= {Labor Markets and Monetary Policy: A New Keynesian Model
		  with Unemployment},
  journal	= {American Economic Journal: Macroeconomics},
  volume	= {2},
  number	= {2},
  year		= {2010},
  month		= {April},
  pages		= {1–30},
  doi		= {10.1257/mac.2.2.1},
  url		= {https://www.aeaweb.org/articles?id=10.1257/mac.2.2.1}
}

@Article{	  DenHaan2000,
  issn		= {00028282},
  url		= {http://www.jstor.org/stable/117339},
  author	= {Wouter J. den Haan and Garey Ramey and Joel Watson},
  journal	= {The American Economic Review},
  number	= {3},
  pages		= {482--498},
  publisher	= {American Economic Association},
  title		= {Job Destruction and Propagation of Shocks},
  urldate	= {2024-11-11},
  volume	= {90},
  year		= {2000}
}

@TechReport{	  Bardoczy2022,
  title		= "Spousal Insurance and the Amplification of Business
		  Cycles",
  author	= "Bardoczy, Bence",
  year		= "2024",
  type		= "Manuscript",
  institution	= {Board of Governors of the Federal Reserve System}
}

@TechReport{	  Du2024,
  title		= "The Macroeconomic Consequences of Unemployment Scarring",
  author	= "Du, William",
  year		= "2024",
  type		= "Manuscript",
  institution	= "The Johns Hopkins University"
}

@Article{	  Christiano2016,
  author	= {Christiano, Lawrence J. and Eichenbaum, Martin S. and
		  Trabandt, Mathias},
  title		= {Unemployment and Business Cycles},
  journal	= {Econometrica},
  volume	= {84},
  number	= {4},
  pages		= {1523--1569},
  keywords	= {Search and matching, unemployment, business cycles, wage
		  inertia, Nash bargaining, alternating offer bargaining,
		  wage rules, unemployment benefits, Bayesian estimation},
  doi		= {https://doi.org/10.3982/ECTA11776},
  url		= {https://onlinelibrary.wiley.com/doi/abs/10.3982/ECTA11776},
  eprint	= {https://onlinelibrary.wiley.com/doi/pdf/10.3982/ECTA11776},
  year		= {2016}
}

@TechReport{	  Gornemann2021,
  author	= "Gornemann, Nils and Kuester, Keith and Nakajima, Makoto",
  title		= "Doves for the Rich, Hawks for the Poor? Distributional
		  Consequences of Systematic Monetary Policy",
  year		= "2021",
  month		= "May",
  institution	= "University of Bonn and University of Cologne, Germany",
  type		= "ECONtribute Discussion Papers Series",
  url		= "https://ideas.repec.org/p/ajk/ajkdps/089.html",
  number	= "089"
}

@Article{	  Ravn2017,
  title		= {Job uncertainty and deep recessions},
  journal	= {Journal of Monetary Economics},
  volume	= {90},
  pages		= {125--141},
  year		= {2017},
  issn		= {0304-3932},
  doi		= {https://doi.org/10.1016/j.jmoneco.2017.07.003},
  url		= {https://www.sciencedirect.com/science/article/pii/S0304393217300806},
  author	= {Morten O. Ravn and Vincent Sterk},
  keywords	= {Job uncertainty, Unemployment, Endogenous countercyclical
		  income risk, Amplification}
}

@Article{	  Rotemberg1982,
  issn		= {00223808, 1537534X},
  url		= {http://www.jstor.org/stable/1830944},
  author	= {Julio J. Rotemberg},
  journal	= {Journal of Political Economy},
  number	= {6},
  pages		= {1187--1211},
  publisher	= {The University of Chicago Press},
  title		= {Sticky Prices in the United States},
  urldate	= {2024-11-11},
  volume	= {90},
  year		= {1982}
}

@Article{	  Silva2009,
  title		= {Labor Turnover Costs and The Cyclical Behavior or
		  Vacancies and Unemployment},
  author	= {Silva, José and Toledo, Manuel},
  year		= {2009},
  journal	= {Macroeconomic Dynamics},
  volume	= {13},
  number	= {S1},
  pages		= {76--96},
  url		= {https://EconPapers.repec.org/RePEc:cup:macdyn:v:13:y:2009:i:s1:p:76-96_08}
}

@Article{	  mincer1991education,
  title		= {Education and Unemployment},
  author	= {Mincer, Jacob},
  journal	= {NBER Working Paper w3838},
  year		= {1991},
  url		= "https://www.nber.org/papers/w3838"
}

@Article{	  elsby2010labor,
  title		= {The Labor Market in the Great Recession},
  author	= {Elsby, Michael W L and Hobijn, Bart},
  journal	= {Brookings Papers on Economic Activity},
  year		= {2010},
  publisher	= {Citeseer}
}

@TechReport{	  benigno2023baaack,
  title		= "It’s Baaack: The Surge in Inflation in the 2020s and the
		  Return of the Non-Linear Phillips Curve",
  author	= "Benigno, Pierpaolo and Eggertsson, Gauti B",
  institution	= "National Bureau of Economic Research",
  type		= "Working Paper",
  series	= "Working Paper Series",
  number	= "31197",
  year		= "2023",
  month		= "April",
  doi		= {10.3386/w31197},
  url		= "http://www.nber.org/papers/w31197"
}

@TechReport{	  blanco2024nonlinear,
  title		= "Non-Linear Inflation Dynamics in Menu Cost Economies",
  author	= "Blanco, Andres and Boar, Corina and Jones, Callum J and
		  Midrigan, Virgiliu",
  institution	= "National Bureau of Economic Research",
  type		= "Working Paper",
  series	= "Working Paper Series",
  number	= "32094",
  year		= "2024",
  month		= "January",
  doi		= {10.3386/w32094},
  url		= "http://www.nber.org/papers/w32094"
}

@TechReport{	  phan2024welfare,
  title		= "The Welfare Consequences of Countercyclical Fiscal
		  Transfers",
  author	= "Phan, Nam",
  type		= "Manuscript",
  institution	= "Queens Economics Department",
  year		= "2024"
}

@Article{	  graham2024mental,
  title		= {Mental Accounts and Consumption Sensitivity Across the
		  Distribution of Liquid Assets},
  author	= {Graham, James and McDowall, Robert},
  journal	= {Available at SSRN 4793885},
  year		= {2024}
}

@Article{	  kueng2018excess,
  author	= {Kueng, Lorenz},
  title		= {Excess Sensitivity of High-Income Consumers*},
  journal	= {The Quarterly Journal of Economics},
  volume	= {133},
  number	= {4},
  pages		= {1693--1751},
  year		= {2018},
  month		= {06},
  issn		= {0033-5533},
  doi		= {10.1093/qje/qjy014},
  url		= {https://doi.org/10.1093/qje/qjy014},
  eprint	= {https://academic.oup.com/qje/article-pdf/133/4/1693/25985655/qjy014.pdf}
}

@Article{	  lmmPresentBias,
  title		= {Present Bias Amplifies the Household Balance-Sheet
		  Channels of Macroeconomic Policy},
  author	= {Maxted, Peter and Laibson, David and Moll, Benjamin},
  journal	= {The Quarterly Journal of Economics},
  pages		= {qjae026},
  year		= {2024},
  publisher	= {Oxford University Press}
}

@Article{	  akerlof1985near,
  title		= {A near-rational model of the business cycle, with wage and
		  price inertia},
  author	= {Akerlof, George A and Yellen, Janet L},
  journal	= {The Quarterly Journal of Economics},
  volume	= {100},
  number	= {Supplement},
  pages		= {823--838},
  year		= {1985},
  publisher	= {MIT Press}
}

@Article{	  cochrane1989sensitivity,
  title		= {The Sensitivity of Tests of the Intertemporal Allocation
		  of Consumption to Near-Rational Alternatives},
  author	= {Cochrane, John H},
  journal	= {The American Economic Review},
  pages		= {319--337},
  year		= {1989},
  publisher	= {JSTOR}
}

@Article{	  bcShocksStocks,
  author	= {Browning, Martin and Crossley, Thomas F.},
  title		= {Shocks, Stocks, and Socks: Smoothing Consumption Over a
		  Temporary Income Loss},
  journal	= {Journal of the European Economic Association},
  volume	= {7},
  number	= {6},
  pages		= {1169--1192},
  doi		= {https://doi.org/10.1162/JEEA.2009.7.6.1169},
  url		= {https://onlinelibrary.wiley.com/doi/abs/10.1162/JEEA.2009.7.6.1169},
  eprint	= {https://onlinelibrary.wiley.com/doi/pdf/10.1162/JEEA.2009.7.6.1169},
  abstract	= {Abstract We investigate how households in temporarily
		  straitened circumstances due to an unemployment spell cut
		  back on expenditures and how they spend marginal dollars of
		  unemployment insurance (UI) benefit. Our theoretical and
		  empirical analyses emphasize the importance of allowing for
		  the fact that households buy durable as well as non-durable
		  goods. The theoretical analysis shows that in the short run
		  households can cut back significantly on total expenditures
		  without a significant fall in welfare if they concentrate
		  their budget reductions on durables. We then present an
		  empirical analysis based on a Canadian survey of workers
		  who experienced a job separation. Exploiting changes in the
		  unemployment insurance system over our sample period we
		  show that cuts in UI benefits lead to reductions in total
		  expenditure with a stronger impact on clothing than on food
		  expenditures. Our empirical strategy allows that these
		  expenditures may be non-separable from employment status.
		  The effects we find are particularly strong for households
		  with no liquid assets before the spell started. These
		  qualitative findings are in precise agreement with the
		  theoretical predictions. (JEL: D11, D12, D91, J65)},
  year		= {2009}
}

@Article{	  bayercoronavirus,
  title		= {The Coronavirus Stimulus Package: How Large is the
		  Transfer Multiplier?},
  author	= {Bayer, Christian and Born, Benjamin and Luetticke, Ralph
		  and M{\"u}ller, Gernot J},
  journal	= {The Economic Journal},
  year		= {2023},
  doi		= {https://doi.org/10.1093/ej/uead003}
}

@Article{	  mckay2016role,
  title		= {The role of automatic stabilizers in the US business
		  cycle},
  author	= {McKay, Alisdair and Reis, Ricardo},
  journal	= {Econometrica},
  volume	= {84},
  number	= {1},
  pages		= {141--194},
  year		= {2016},
  publisher	= {Wiley Online Library}
}

@Article{	  mckay2021optimal,
  title		= {Optimal automatic stabilizers},
  author	= {McKay, Alisdair and Reis, Ricardo},
  journal	= {The Review of Economic Studies},
  volume	= {88},
  number	= {5},
  pages		= {2375--2406},
  year		= {2021},
  publisher	= {Oxford University Press}
}

@TechReport{	  hagedorn2019unemployment,
  title		= {Unemployment Benefits and Unemployment in the Great
		  Recession: The Role of Macro Effects},
  author	= {Hagedorn, Marcus and Karahan, Fatih and Manovskii, Iourii
		  and Mitman, Kurt},
  year		= {2019},
  note		= {Working paper 19499},
  institution	= {National Bureau of Economic Research}
}

@TechReport{	  hmmUnemployment,
  title		= {The Impact of Unemployment Benefit Extensions on
		  Employment: The 2014 Employment Miracle?},
  author	= {Hagedorn, Marcus and Manovskii, Iourii and Mitman, Kurt},
  year		= {2017},
  note		= {Working paper 20884},
  institution	= {National Bureau of Economic Research}
}

@TechReport{	  chodorow2016limited,
  title		= {The limited macroeconomic effects of unemployment benefit
		  extensions},
  author	= {Chodorow-Reich, Gabriel and Karabarbounis, Loukas},
  year		= {2016},
  institution	= {National Bureau of Economic Research}
}

@Article{	  kekre2022unemp,
  author	= {Kekre, Rohan},
  title		= {Unemployment Insurance in Macroeconomic Stabilization},
  journal	= {The Review of Economic Studies},
  year		= {2022},
  month		= {12},
  doi		= {10.1093/restud/rdac080},
  url		= {https://doi.org/10.1093/restud/rdac080},
  eprint	= {https://academic.oup.com/restud/advance-article-pdf/doi/10.1093/restud/rdac080/49998599/rdac080.pdf}
}

@Article{	  crawley2023MicroMacro,
  author	= {Crawley, Edmund and Kuchler, Andreas},
  title		= {Consumption Heterogeneity: Micro Drivers and Macro
		  Implications},
  journal	= {American Economic Journal: Macroeconomics},
  volume	= {15},
  number	= {1},
  year		= {2023},
  month		= {January},
  pages		= {314--41},
  doi		= {10.1257/mac.20200352},
  url		= {https://www.aeaweb.org/articles?id=10.1257/mac.20200352}
}

@Article{	  broer2023fiscalmultipliers,
  title		= {Fiscal Multipliers: {A} Heterogenous-Agent Perspective},
  author	= {Broer, Tobias and Krusell, Per and {\"O}berg, Erik},
  journal	= {Quantitative Economics},
  volume	= {14},
  number	= {3},
  pages		= {799--816},
  doi		= {https://doi.org/10.3982/QE1901},
  year		= {2023}
}

@TechReport{	  beraja2023size,
  title		= {On the Size of Stimulus Checks: How Much is Too Much?},
  author	= {Beraja, Martin and Zorzi, Nathan},
  year		= {2023},
  note		= {Working paper},
  institution	= {MIT}
}

@Article{	  allcott2021high,
  title		= {Are high-interest loans predatory? {T}heory and evidence
		  from payday lending},
  author	= {Allcott, Hunt and Kim, Joshua J and Taubinsky, Dmitry and
		  Zinman, Jonathan},
  year		= {2021},
  journal	= {NBER Working paper, no. 28799},
  month		= {May},
  note		= {NBER Working paper, no. 28799}
}

@Article{	  cagetti2003wealth,
  title		= {Wealth accumulation over the life cycle and precautionary
		  savings},
  author	= {Cagetti, Marco},
  journal	= {Journal of Business \& Economic Statistics},
  volume	= {21},
  number	= {3},
  pages		= {339--353},
  year		= {2003},
  publisher	= {Taylor \& Francis}
}

@Article{	  carroll2020modeling,
  title		= {Modeling the consumption response to the {CARES} act},
  author	= {Carroll, Christopher D and Crawley, Edmund and Slacalek,
		  Jiri and White, Matthew N},
  journal	= {Covid Economics},
  volume	= {10},
  pages		= {62--86},
  year		= {2020},
  publisher	= {CEPR Press}
}

@Article{	  carroll2022theoretical,
  title		= {Theoretical Foundations of Buffer Stock Saving},
  author	= {Carroll, Christopher D},
  year		= {2022},
  institution	= {The Johns Hopkins University},
  note		= {Working paper},
  journal	= {Department of Economics},
  url		= {https://econ-ark.github.io/BufferStockTheory/}
}

@Article{	  kaplan2014model,
  title		= {A model of the consumption response to fiscal stimulus
		  payments},
  author	= {Kaplan, Greg and Violante, Giovanni L},
  journal	= {Econometrica},
  volume	= {82},
  number	= {4},
  pages		= {1199--1239},
  year		= {2014},
  publisher	= {Wiley Online Library}
}

@Article{	  kravik-navigating-2019,
  title		= {Navigating with {NEMO}},
  volume	= {5},
  url		= {https://www.norges-bank.no/en/news-events/news-publications/Papers/Staff-Memo/2019/52019/},
  language	= {en},
  urldate	= {2019-05-24},
  journal	= {Norges Bank Staff Memo},
  author	= {Kravik, Erling Motzfeldt and Mimir, Yassin},
  year		= {2019}
}

@InCollection{	  kmpHandbook,
  title		= {Macroeconomics and household heterogeneity},
  author	= {Krueger, Dirk and Mitman, Kurt and Perri, Fabrizio},
  booktitle	= {Handbook of {M}acroeconomics},
  volume	= {2},
  pages		= {843--921},
  year		= {2016},
  publisher	= {Elsevier},
  abstract	= {The goal of this chapter is to study how, and by how much,
		  household income, wealth, and preference heterogeneity
		  amplify and propagate a macroeconomic shock. We focus on
		  the US Great Recession of 2007–09 and proceed in two
		  steps. First, using data from the Panel Study of Income
		  Dynamics, we document the patterns of household income,
		  consumption, and wealth inequality before and during the
		  Great Recession. We then investigate how households in
		  different segments of the wealth distribution were affected
		  by income declines, and how they changed their expenditures
		  differentially during the aggregate downturn. Motivated by
		  this evidence, we study several variants of a standard
		  heterogeneous household model with aggregate shocks and an
		  endogenous cross-sectional wealth distribution. Our key
		  finding is that wealth inequality can significantly amplify
		  the impact of an aggregate shock, and it does so if the
		  distribution features a sufficiently large fraction of
		  households with very little net worth that sharply increase
		  their saving (ie, they are not hand-to mouth) as the
		  recession hits. We document that both these features are
		  observed in the PSID. We also investigate the role that
		  social insurance policies, such as unemployment insurance,
		  play in shaping the cross-sectional income and wealth
		  distribution, and through it, the dynamics of business
		  cycles.},
  doi		= {10.1016/bs.hesmac.2016.04.003},
  isbn		= 9780444594877,
  issn		= 15740048,
  keywords	= {Recessions,Social insurance,Wealth inequality},
  url		= {https://linkinghub.elsevier.com/retrieve/pii/S1574004816300039}
}

@Article{	  fagereng-mpc-2021,
  title		= {{MPC} {Heterogeneity} and {Household} {Balance} {Sheets}},
  volume	= {13},
  issn		= {1945-7707},
  url		= {https://www.aeaweb.org/articles?id=10.1257/mac.20190211},
  doi		= {10.1257/mac.20190211},
  abstract	= {We use sizable lottery prizes in Norwegian administrative
		  panel data to explore how transitory income shocks are
		  spent and saved over time and how households' marginal
		  propensities to consume (MPCs) vary with household
		  characteristics and shock size. We find that spending peaks
		  in the year of winning and gradually reverts to normal
		  within five years. Controlling for all items on households'
		  balance sheets and characteristics such as education and
		  income, it is the amount won, age, and liquid assets that
		  vary systematically with MPCs. Low-liquidity winners of the
		  smallest prizes (around US\$1,500) are estimated to spend
		  all within the year of winning. The corresponding estimate
		  for high-liquidity winners of large prizes
		  (US\$8,300–150,000) is slightly below one-half. While
		  conventional models will struggle to account for such high
		  MPC levels, we show that a two-asset life cycle model with
		  a realistic earnings profile and a luxury bequest motive
		  can account for both the time profile of consumption
		  responses and their systematic covariation with
		  observables.},
  language	= {en},
  number	= {4},
  urldate	= {2022-02-11},
  journal	= {American Economic Journal: Macroeconomics},
  author	= {Fagereng, Andreas and Holm, Martin B. and Natvik, Gisle
		  J.},
  month		= oct,
  year		= {2021},
  keywords	= {Consumer Economics: Empirical Analysis, Intertemporal
		  Household Choice, includes inheritance and gift taxes, Life
		  Cycle Models and Saving, Macroeconomics: Consumption,
		  Saving, Wealth, Household Finance: Household Saving,
		  Borrowing, Debt, and Wealth, Personal Income and Other
		  Nonbusiness Taxes and Subsidies},
  pages		= {1--54}
}

@Article{	  aursland-state-dependent-2020,
  title		= {State-dependent fiscal multipliers in {NORA} - {A} {DSGE}
		  model for fiscal policy analysis in {Norway}},
  volume	= {93},
  issn		= {0264-9993},
  url		= {https://www.sciencedirect.com/science/article/pii/S0264999320304156},
  doi		= {10.1016/j.econmod.2020.07.017},
  abstract	= {We develop a novel medium-scale DSGE model, called NORA,
		  for fiscal policy analysis in Norway. NORA contains a
		  sheltered and exposed sector allowing us to model wage
		  bargaining between a labor union and the exposed sector,
		  reflecting Scandinavian wage formation institutions. Wages
		  are subject to a downward nominal wage rigidity (DNWR).
		  Inspired by many countries' fiscal policy responses to the
		  Great Recession and the coronavirus pandemic, we
		  investigate the model's ability to generate state-dependent
		  fiscal multipliers. We find, that both the zero lower bound
		  on nominal interest rates and DNWR individually can account
		  for higher fiscal multipliers during recessions. In joint
		  presence, however, the existence of DNWR reduces the
		  multiplier at the ZLB. Moreover, the DNWR significantly
		  relaxes the paradox of toil at the ZLB. We show that the
		  state-dependency is robust to alternative assumptions about
		  the origin of the recession, the nature of the fiscal
		  stimulus and its financing source.},
  language	= {en},
  urldate	= {2022-02-11},
  journal	= {Economic Modelling},
  author	= {Aursland, Thor Andreas and Frankovic, Ivan and Kanik,
		  Birol and Saxegaard, Magnus},
  year		= {2020},
  keywords	= {Downward nominal wage rigidity, Fiscal multiplier, Fiscal
		  policy, State-dependency, Zero lower bound},
  pages		= {321--353}
}

@Article{	  oecdReplacement,
  title		= {Net replacement rate in unemployment},
  journal	= {OECD statistics "Social Protection and Well-being"},
  author	= {OECD},
  year		= {2020},
  url		= {Url: https://stats.oecd.org/Index.aspx?DataSetCode=NRR}
}

@Article{	  gjeldsregistret-nokkeltall-2022,
  title		= {Nokkeltall fra {Gjeldsregisteret}},
  journal	= {Gjeldsregistret nettside},
  author	= {Gjeldsregistret},
  year		= {2022},
  url		= {https://www.gjeldsregisteret.com/pages/nokkeltall}
}

@Article{	  davis-recessions-2011,
  issn		= {00072303, 15334465},
  url		= {http://www.jstor.org/stable/41473597},
  author	= {Steven J. Davis and Till Von Wachter},
  journal	= {Brookings Papers on Economic Activity},
  pages		= {1--72},
  publisher	= {Brookings Institution Press},
  title		= {Recessions and the Costs of Job Loss},
  urldate	= {2022-04-08},
  year		= {2011}
}

@Article{	  skiba2008payday,
  title		= {Payday loans, uncertainty and discounting: {E}xplaining
		  patterns of borrowing, repayment, and default},
  author	= {Skiba, Paige Marta and Tobacman, Jeremy},
  journal	= {Vanderbilt Law and Economics Research Paper},
  volume	= {08},
  number	= {33},
  year		= {2008}
}

@Article{	  rothstein2017scraping,
  title		= {Scraping by: Income and program participation after the
		  loss of extended unemployment benefits},
  author	= {Rothstein, Jesse and Valletta, Robert G},
  journal	= {Journal of Policy Analysis and Management},
  volume	= {36},
  number	= {4},
  pages		= {880--908},
  year		= {2017},
  publisher	= {Wiley Online Library}
}

@Article{	  den2010computational,
  title		= {Computational suite of models with heterogeneous agents:
		  Incomplete markets and aggregate uncertainty},
  author	= {Den Haan, Wouter J and Judd, Kenneth L and Juillard,
		  Michel},
  journal	= {Journal of Economic Dynamics and Control},
  volume	= {34},
  number	= {1},
  pages		= {1--3},
  year		= {2010},
  publisher	= {Elsevier}
}

@TechReport{	  kaplanMPC2022,
  title		= "The Marginal Propensity to Consume in Heterogeneous Agent
		  Models",
  author	= "Kaplan, Greg and Violante, Giovanni L",
  institution	= "National Bureau of Economic Research",
  type		= "Working Paper",
  series	= "Working Paper Series",
  number	= "30013",
  year		= "2022",
  month		= "May",
  doi		= {10.3386/w30013},
  url		= "http://www.nber.org/papers/w30013",
  abstract	= {What model features and calibration strategies yield a
		  large average marginal propensity to consume (MPC) in
		  heterogeneous agent models? Through a systematic
		  investigation of models with different preferences,
		  dimensions of ex-ante heterogeneity, income processes and
		  asset structure, we show that the most important factor is
		  the share and type of hand-to-mouth households. One-asset
		  models either feature a trade-off between a high average
		  MPC and a realistic level of aggregate wealth, or generate
		  an excessively polarized wealth distribution that vastly
		  understates the wealth held by households in the middle of
		  the distribution. Two-asset models that include both liquid
		  and illiquid assets can resolve this tension with a large
		  enough gap between liquid and illiquid returns. We discuss
		  how such return differential can be justified from the
		  perspective of theory and data.}
}

@Article{	  ganongConsumer2019,
  author	= {Ganong, Peter and Noel, Pascal},
  title		= {Consumer Spending during Unemployment: Positive and
		  Normative Implications},
  journal	= {American Economic Review},
  volume	= {109},
  number	= {7},
  year		= {2019},
  month		= {July},
  pages		= {2383--2424},
  doi		= {10.1257/aer.20170537},
  url		= {https://www.aeaweb.org/articles?id=10.1257/aer.20170537}
}

@TechReport{	  hagedorn2019fiscal,
  title		= {The fiscal multiplier},
  author	= {Hagedorn, Marcus and Manovskii, Iourii and Mitman, Kurt},
  year		= {2019},
  type		= {Working paper},
  institution	= {National Bureau of Economic Research}
}

@Article{	  christiano2011government,
  title		= {When is the government spending multiplier large?},
  author	= {Christiano, Lawrence and Eichenbaum, Martin and Rebelo,
		  Sergio},
  journal	= {Journal of Political Economy},
  volume	= {119},
  number	= {1},
  pages		= {78--121},
  year		= {2011},
  publisher	= {University of Chicago Press Chicago, IL}
}

@Article{	  eggertsson2011fiscal,
  title		= {What fiscal policy is effective at zero interest rates?},
  author	= {Eggertsson, Gauti B},
  journal	= {NBER Macroeconomics Annual},
  volume	= {25},
  number	= {1},
  pages		= {59--112},
  year		= {2011},
  publisher	= {University of Chicago Press Chicago, IL}
}

@Article{	  ramey2018government,
  title		= {Government spending multipliers in good times and in bad:
		  evidence from US historical data},
  author	= {Ramey, Valerie A and Zubairy, Sarah},
  journal	= {Journal of political economy},
  volume	= {126},
  number	= {2},
  pages		= {850--901},
  year		= {2018},
  publisher	= {University of Chicago Press Chicago, IL}
}

@TechReport{	  bhandari2021efficiency,
  title		= {Efficiency, Insurance, and Redistribution Effects of
		  Government Policies},
  author	= {Bhandari, Anmol and Evans, David and Golosov, Mikhail and
		  Sargent, Thomas},
  year		= {2021},
  journal	= {Working paper},
  institution	= {tomsargent.com}
}

@Article{	  davila2022welfare,
  title		= {Welfare Assessments with Heterogeneous Individuals},
  author	= {D{\'a}vila, Eduardo and Schaab, Andreas},
  journal	= {Available at SSRN 4102027},
  year		= {2022},
  type		= {Working paper}
}

@Article{	  parker2013consumer,
  title		= {Consumer spending and the economic stimulus payments of
		  2008},
  author	= {Parker, Jonathan A and Souleles, Nicholas S and Johnson,
		  David S and McClelland, Robert},
  journal	= {American Economic Review},
  volume	= {103},
  number	= {6},
  pages		= {2530--53},
  year		= {2013}
}

@Article{	  broda2014economic,
  title		= {The economic stimulus payments of 2008 and the aggregate
		  demand for consumption},
  author	= {Broda, Christian and Parker, Jonathan A},
  journal	= {Journal of Monetary Economics},
  volume	= {68},
  pages		= {S20--S36},
  year		= {2014},
  publisher	= {Elsevier}
}

@TechReport{	  auclert2018IKC,
  title		= "The Intertemporal Keynesian Cross",
  author	= "Auclert, Adrien and Rognlie, Matthew and Straub, Ludwig",
  institution	= "National Bureau of Economic Research",
  type		= "Working Paper",
  series	= "Working Paper Series",
  number	= "25020",
  year		= "2018",
  month		= "September",
  doi		= {10.3386/w25020},
  url		= "http://www.nber.org/papers/w25020"
}

@TechReport{	  ganong2022spending,
  title		= "Spending and Job-Finding Impacts of Expanded Unemployment
		  Benefits: Evidence from Administrative Micro Data",
  author	= "Ganong, Peter and Greig, Fiona E and Noel, Pascal J and
		  Sullivan, Daniel M and Vavra, Joseph S",
  institution	= "National Bureau of Economic Research",
  type		= "Working Paper",
  series	= "Working Paper Series",
  number	= "30315",
  year		= "2022",
  month		= "August",
  doi		= {10.3386/w30315},
  url		= "http://www.nber.org/papers/w30315"
}

@Article{	  carroll2020sticky,
  crossref	= {cAndCwithStickyE}
}

@Article{	  cAndCwithStickyE,
  author	= {Carroll, Christopher D. and Crawley, Edmund and
		  Sla{\-}ca{\-}lek, Jiri and To{\-}ku{\-}o{\-}ka, Ki{\-}ichi
		  and White, Matt{\-}hew N.},
  journal	= {American {Economic} {Journal:} {Macroeconomics}},
  title		= {Sticky {Expectations} and {Consumption} {Dynamics}},
  year		= 2020,
  abstract	= {Macroeconomic models often invoke consumption “habits”
		  to explain the substantial persistence of aggregate
		  consumption growth. But a large literature has found no
		  evidence of habits in microeconomic datasets that measure
		  the behavior of individual households. We show that the
		  apparent conflict can be explained by a model in which
		  consumers have accurate knowledge of their personal
		  circumstances but ‘sticky expectations’ about the
		  macroeconomy. In our model, the persistence of aggregate
		  consumption growth reflects consumers’ imperfect
		  attention to aggregate shocks. Our proposed degree of
		  (macro) inattention has negligible utility costs, because
		  aggregate shocks constitute only a tiny proportion of the
		  uncertainty that consumers face.},
  month		= {July},
  pages		= {40--76},
  volume	= 12,
  number	= 3,
  doi		= {10.3386/w24377},
  url		= {http://www.nber.org/papers/w24377}
}

@Article{	  bkmMitShocks,
  author	= {Boppart, Timo and Krusell, Per and Mitman, Kurt},
  journal	= {Journal of Economic Dynamics and Control},
  number	= {C},
  pages		= {68--92},
  title		= {Exploiting MIT Shocks in Heterogeneous-Agent Economies:
		  The Impulse Response as a Numerical Derivative},
  volume	= 89,
  year		= 2018
}

@InCollection{	  friedmanWindfalls,
  author	= {Friedman, Milton A.},
  title		= {Windfalls, the `Horizon,' and Related Concepts in the
		  Permanent Income Hypothesis},
  booktitle	= {Measurement in Economics},
  publisher	= {Stanford University Press},
  year		= 1963,
  editor	= {Christ, Carl},
  pages		= {1--28}
}

@Article{	  jpsTax,
  author	= {Johnson, David S. and Parker, Jonathan A. and Souleles,
		  Nicholas S.},
  title		= {Household Expenditure and the Income Tax Rebates of 2001},
  journal	= {American Economic Review},
  year		= 2006,
  volume	= 96,
  pages		= {1589--1610},
  number	= 5,
  month		= {December},
  bdsk-url-1	= {http://ideas.repec.org/a/aea/aecrev/v96y2006i5p1589-1610.html},
  url		= {http://ideas.repec.org/a/aea/aecrev/v96y2006i5p1589-1610.html}
}

@Article{	  mankiwDurgoods,
  author	= {Mankiw, N. Gregory},
  title		= {Hall's Consumption Hypothesis and Durable Goods},
  journal	= {Journal of Monetary Economics},
  year		= 1982,
  volume	= 10,
  pages		= {417--425},
  number	= 3
}

@Article{	  bdTimeSeriesC,
  author	= {Blinder, Alan S. and Deaton, Angus S.},
  title		= {{T}he {T}ime {S}eries {C}onsumption {F}unction
		  {R}evisited},
  journal	= {Brookings Papers on Economic Activity, 1985:2},
  year		= 1985,
  pages		= {465--521},
  file		= {bdTimeSeriesC.pdf:bdTimeSeriesC.pdf:PDF},
  url		= {http://www.jstor.org/stable/2534444}
}

@TechReport{	  BoutrosWindfall,
  title		= {Windfall income shocks with finite planning horizons},
  author	= {Boutros, Michael},
  year		= {2022},
  institution	= {Bank of Canada}
}