Welfare effects of unanticipated policy changes with complete asset markets
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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- Jonathan Heathcote & Kjetil Storesletten & Giovanni L. Violante, 2007.
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- Per Krusell & Toshihiko Mukoyama & Aysegul Sahin & Anthony A. Smith, Jr., 2009.
"Revisiting the Welfare Effects of Eliminating Business Cycles,"
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- Per Krusell & Toshihiko Mukoyama & Aysegul Sahin & Anthony A. Smith, Jr., 2008. "Appendices for "Revisiting the Welfare Effects of Eliminating Business Cycles"," Technical Appendices 08-211, Review of Economic Dynamics.
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- 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.
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96-11, Massachusetts Institute of Technology (MIT), Department of Economics.
- 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.
- Young, Eric R., 2004.
"Unemployment insurance and capital accumulation,"
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Elsevier, vol. 51(8), pages 1683-1710, November.
- Eric Young, 2003. "Code for "Unemployment Insurance and Capital Accumulation"," QM&RBC Codes 148, Quantitative Macroeconomics & Real Business Cycles.
- 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.
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