Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/232545 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
KIT Working Paper Series in Economics No. 148
Verlag: 
Karlsruher Institut für Technologie (KIT), Institut für Volkswirtschaftslehre (ECON), Karlsruhe
Zusammenfassung: 
Binding lower bounds on interest rates and large government deficits limit the scope of fiscal and monetary policies to stimulate households' spending through financial intermediaries and firms. Policymakers have thus been implementing unconventional policies that aim to increase households' spending directly through managing their expectations. We first show theoretically and empirically that higher in ation expectations increase households' consumption. We then design a difference-in-differences strategy to assess the effectiveness of unconventional fiscal policy and forward guidance, both of which aim to raise aggregate demand via managing expectations. Whereas unconventional fiscal policy increases households' expectations and spending, forward guidance announcements do not.
Schlagwörter: 
Expectations
Household Finance
Heterogeneous Beliefs
Fiscal Policy
Monetary Policy
Cognitive Abilities
Behavioral Macroeconomics
Macroeconomics with Micro Data
JEL: 
D12
D84
D91
E21
E31
E32
E52
E65
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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