Pokaż uproszczony rekord

dc.contributor.authorBrzoza-Brzezina, Michał
dc.contributor.authorJabłońska, Julia
dc.contributor.authorKolasa, Marcin
dc.contributor.authorMakarski, Krzysztof
dc.date.accessioned2024-02-16T07:52:20Z
dc.date.available2024-02-16T07:52:20Z
dc.date.issued2024-02
dc.identifier.citationBrzoza-Brzezina M., Jabłońska J., Kolasa M., Makarski K., For whom the bill tolls: redistributive consequences of a monetary-fiscal stimulus, KAE Working Papers, 2024, nr 2024/097, s. 1-50en
dc.identifier.urihttp://hdl.handle.net/20.500.12182/1214
dc.description.abstractDuring the COVID-19 pandemic, governments in the euro area sharply increased spending, while the European Central Bank eased financing conditions. We use this episode to assess how such a concerted monetary-fiscal stimulus redistributes welfare between various age cohorts. Our assessment involves not only the income side of household balance sheets (mainly direct effects of transfers), but also the more obscure financing side that, to a substantial degree, occurred via indirect effects (with a prominent role of the inflation tax). Using a quantitative life-cycle model, we document that young households benefited from the stimulus, while the bill was mainly paid by middle-aged and older agents. Crucially, most welfare redistribution was due to indirect effects related to macroeconomic adjustment that resulted from the stimulus. As a consequence, even though all age cohorts received significant transfers, welfare of some actually decreaseden
dc.language.isoen
dc.rightsDozwolony użytek*
dc.subjectCOVID-19en
dc.subjectFiscal expansionen
dc.subjectMonetary policyen
dc.subjectRedistributionen
dc.subject.classificationE51en
dc.subject.classificationE31en
dc.subject.classificationE52en
dc.subject.classificationH5en
dc.subject.classificationJ11en
dc.titleFor whom the bill tolls: redistributive consequences of a monetary-fiscal stimulusen
dc.typeworkingPaperen
dc.description.number2024/097en
dc.description.physical1-50en
dc.description.seriesSGH KAE Working Papers Seriesen


Pliki tej pozycji

Thumbnail

Pozycja umieszczona jest w następujących kolekcjach

Pokaż uproszczony rekord

Dozwolony użytek
Korzystanie z tego materiału jest możliwe zgodnie z właściwymi przepisami o dozwolonym użytku lub o innych wyjątkach przewidzianych w przepisach prawa, a korzystanie w szerszym zakresie wymaga uzyskania zgody uprawnionego.