Welfare and spending effects of consumption stimulus policies

• 成果类型: Article
• 署名作者: Carroll, Christopher D.; Crawley, Edmund; Du, William; Frankovic, Ivan; Tretvoll, Hakon
• 署名单位: Johns Hopkins University; Federal Reserve System - USA; Federal Reserve System Board of Governors; Deutsche Bundesbank; Statistics Norway; BI Norwegian Business School; BI Norwegian Business School
• 刊物名称: QUANTITATIVE ECONOMICS
• ISSN/ISSBN: 1759-7323
• DOI: 10.3982/QE2442
• 发表日期: 2026
• 关键词: fiscal multipliers; income; MODEL; unemployment; sensitivity; payments; WEALTH; COSTS; cycle

摘要

Using a heterogeneous agent model calibrated to match spending dynamics over four years following an income shock (Fagereng, Holm, and Natvik (2021)), we assess the effectiveness of three fiscal stimulus policies implemented during recent recessions. Unemployment insurance (UI) extensions are the bang for the buck winner when the metric is effectiveness in boosting utility. Stimulus checks are second-best and have two advantages (over UI): they arrive faster, and are scalable. A temporary (two-year) cut in wage taxation is considerably less effective than the other policies and has negligible effects in the version of our model without a multiplier.