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Welfare effects of unanticipated policy changes with complete asset markets

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  • Mukoyama, Toshihiko

Abstract

This paper analyzes the welfare effects of unanticipated policy changes in a model with complete asset markets and heterogeneous agents. There are two effects: an effect of the change in wealth and a direct effect from the price change.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 109 (2010)
Issue (Month): 2 (November)
Pages: 134-138

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Handle: RePEc:eee:ecolet:v:109:y:2010:i:2:p:134-138

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Welfare effect Unanticipated policy change Complete asset markets Heterogeneous agents;

References

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  1. Per Krusell & Toshihiko Mukoyama & Aysegul Sahin & Anthony A. Smith, Jr., 2009. "Revisiting the Welfare Effects of Eliminating Business Cycles," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(3), pages 393-402, July.
  2. Caselli, F. & Ventura, J., 1996. "A Representative Consumer Theory of Distribution," Working papers 96-11, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Young, Eric R., 2004. "Unemployment insurance and capital accumulation," Journal of Monetary Economics, Elsevier, vol. 51(8), pages 1683-1710, November.
  4. David Domeij & Jonathan Heathcote, 2004. "On The Distributional Effects Of Reducing Capital Taxes," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 45(2), pages 523-554, 05.
  5. Toshihiko Mukoyama, 2010. "Understanding the Welfare Effects of Unemployment Insurance Policy in General Equilibrium," 2010 Meeting Papers 286, Society for Economic Dynamics.
  6. Heathcote, Jonathan & Storesletten, Kjetil & Violante, Giovanni L., 2008. "Insurance and opportunities: A welfare analysis of labor market risk," Journal of Monetary Economics, Elsevier, vol. 55(3), pages 501-525, April.
  7. Chatterjee, Satyajit, 1994. "Transitional dynamics and the distribution of wealth in a neoclassical growth model," Journal of Public Economics, Elsevier, vol. 54(1), pages 97-119, May.
  8. Matthias Doepke & Martin Schneider, 2006. "Inflation and the Redistribution of Nominal Wealth," Journal of Political Economy, University of Chicago Press, vol. 114(6), pages 1069-1097, December.
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Cited by:
  1. Toshihiko Mukoyama, 2010. "Understanding the Welfare Effects of Unemployment Insurance Policy in General Equilibrium," 2010 Meeting Papers 286, Society for Economic Dynamics.

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