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1.1.0 |
Using a heterogeneous agent model calibrated to match measured spending dynamics over four years following an income shock (Fagereng, Holm, and Natvik (2021)), we assess the effectiveness of three fiscal stimulus policies employed during recent recessions. |
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“Welfare and Spending Effects of Consumption Stimulus Policies” |
Using a heterogeneous agent model calibrated to match measured spending dynamics over four years following an income shock (Fagereng, Holm, and Natvik (2021)), we assess the effectiveness of three fiscal stimulus policies employed during recent recessions. Unemployment insurance (UI) extensions are the clear “bang for the buck” winner when effectiveness is measured in utility terms. Stimulus checks are second best and have two advantages (over UI): they arrive faster, and they are scalable to any desired size. A temporary (two-year) cut in the rate of wage taxation is considerably less effective than the other policies and has negligible effects in the version of our model without a multiplier. |
1.0 |
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HAFiscal |
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This repository is a complete software archive for the paper “Welfare and Spending Effects of Consumption Stimulus Policies” by Carroll, Crawley, Du, Frankovic, and Tretvoll (2025).