000			02304cam a22003617 4500
001			w27366
003			NBER
005			20211020103654.0
006			m o d
007			cr cnu||||||||
008			210910s2020 mau fo 000 0 eng d
100	1		_aAuerbach, Alan J. _95355
245	1	0	_aInequality, Fiscal Policy and COVID19 Restrictions in a Demand-Determined Economy / _cAlan J. Auerbach, Yuriy Gorodnichenko, Daniel Murphy.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2020.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w27366
500			_aJune 2020.
520	3		_aWe evaluate the effects of inequality, fiscal policy, and COVID19 restrictions in a model of economic slack with potentially rigid capital operating costs. Inequality has large negative effects on output, while also diminishing the effects of demand-side fiscal stimulus. COVID restrictions can reduce current-period GDP by more than is directly associated with the restrictions themselves when rigid capital costs induce firm exit. Higher inequality is associated with larger restriction multipliers. The effectiveness of fiscal policies depends on inequality and the joint distribution of capital operating costs and firm revenues. Furthermore, COVID19 restrictions can cause future inflation, as households tilt their expenditure toward the future.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE32 - Business Fluctuations • Cycles _2Journal of Economic Literature class.
690		7	_aE62 - Fiscal Policy _2Journal of Economic Literature class.
690		7	_aH2 - Taxation, Subsidies, and Revenue _2Journal of Economic Literature class.
700	1		_aGorodnichenko, Yuriy. _927289
700	1		_aMurphy, Daniel.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w27366.
856	4	0	_uhttps://www.nber.org/papers/w27366
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w27366
942			_2ddc _cW-PAPER
999			_c320757 _d279319